SEC Investigation: Oando Says Claims Unsubstantiated, Misleading and Defamatory

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By InvestAdvocate

Lagos (INVESTADVOCATE)-Oil marketing firm, Oando Plc said on Friday that the company  understands that the Secuurities and Exchange Commission (SEC) is in receipt of correspondence containing (in their opinion) unsubstantiated, misleading and defamatory claims with respect to various matters that had already received board, shareholder and where required SEC approval.

“Our attention has been drawn to a report released by Channels TV on Friday the 14th day of July, 2017 stating that Oando PLC (“the Company” or “Oando”) is “…under a comprehensive investigation by the Securities and Exchange Commission…..following petitions filed by some foreign investors in Oando Nigeria PLC, in relation (sic) shareholding structure following the 1.65 billion Dollars cash that Oando paid in June 2014 to acquire the oil production assets of Conoco-Phillips in Nigeria…”, Oando said in a statement on it’s official website.

According to the oil marketing major,  it’s fully co-operating with the SEC in the discharge of its duties as the capital markets regulator by providing all appropriate clarifications and rebuttals on the matters raised in the said correspondence. “Oando will be happy to provide full disclosure of the outcome as soon as the SEC review is completed,” it said.

The company says it’s corporate communications team is always available to respond to any enquiries by members of the public and media. “The Company is concerned about media houses going public with information without first obtaining a balanced view as this may in some cases lead to the publication of unconfirmed, misleading and damaging information. Oando is a public listed company quoted on both the Nigerian and Johannesburg Stock Exchanges and any damaging information in the public domain could have a material impact on the Company. We therefore demand an immediate retraction of the report and urge media houses to refrain and/or desist from further publications in future, without first verifying the accuracy of such facts from Oando,” the company added.

Shares of Oando at the close of Friday’s trading on the Nigerian bourse depreciated 9.58 percent to N7.55 from N8.35 traded the previous session; losing 0.80 kobo per share.