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The Securities and Exchange Commission, SEC, on Tuesday announced the commencement of audit of Oando Plc’s account.
This is as law suit initiated by the company to stall the investigation was struck out by the court.
SEC said it had appointed Deloite Nigeria to proceed with the forensic audit.
Acting Director General of SEC, Dr Abdul Zubair, told newsmen in Abuja that the audit would be thorough and transparent.
Zubair further assured that the commission was committed to its primary mandate of protecting investors.
“The forensic audit will be completed within the shortest possible time and we have told the auditors to fast track the audit, but do it in a professional way and deliver a neat job,” he said.
Deloitte, he said, had been given “their terms of reference and we expect that the outcome will be such that all will be satisfied.”
SEC had conducted a preliminary investigation of Oando Plc following the receipt of petitions from two shareholders of the company and a whistleblower alleging financial mismanagement within the company as well as shareholding crisis.
Based on findings, the regulatory body placed the shares of Oando Plc on technical suspension and ordered a forensic audit.
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