SEC Investigating Oando Plc

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July 14, 2017/Cardinal Stone Research

According to media reports, the Securities and Exchange Commission (SEC) is investigating Oando Plc (“the company”) over alleged malpractices in its financial statements and has sent a formal letter to the company as it examines if any regulations have been breached.

The investigation kicked-off following a series of petitions filed by foreign investors in the company, in relation to changes in the shareholding structure following the acquisition of the Nigerian assets of ConocoPhillips.

So far, market reaction has been negative and is currently trading at N7.55, a 9.58% decline from yesterday’s closing price of N8.35.