Shareholders Fault  Oando Crisis Involvement

The Emir of Kano, Muhammadu Sanusi, was told by some shareholder  to stop further intervention in the Oando Plc case with some of its major shareholders.

They said such intervention was capable of disturbing the present efforts to expose the root causes of the crisis.

The shareholders under the aegis of Proactive Shareholders Association of Nigeria maintained that the reported intervention by Sanusi was capable of eroding investors’ confidence on the Nigerian capital market.

The National Coordinator, PROSAN, Taiwo Oderinde, while commenting on the development , said, “Regulators should do their job without any fear or favour. This is a quoted company which is guided by rules and regulations.

“There is an audited report already. The report is in the public space. The management of Oando went to court and lost. The next logical thing is for auditors to continue with their job. Anything outside this process will bring shame to the Nigerian capital market.”

He said the association would not allow such anomaly to happen and would resist anything outside due process.

“Why are they doing everything possible to stop the process? We should stop portraying ourselves this way. The auditors must conclude their job. That is the only way forward,” he added.

The Truth and Transparency Initiative had also reacted to the development. The group in a statement issued by its Coordinator, Mr. Nnodu Okeke, said, “For one, Oandio Plc is a public liability company and what happens to the company and how regulatory authorities respond thereto goes a long way to the manner investors, especially foreign ones, will view their participation in doing business in Nigeria.

“We have been in this business of Oando Plc as well as several other shareholders on our call that justice be done.

“SEC, on its own, after investigations, pointed out some infractions in the company and came to the conclusion that a forensic audit was necessary in the company. We insist that the forensic audit should be carried out in the manner stated by the SEC.”