Regulatory Alerts2019-06-09
Investigation of Oando Plc
The Nigerian Securities and Exchange Commission issued this statement to defend its regulatory authority and due process regarding the forensic investigation and subsequent penalties imposed on Oando Plc. The Commission confirms that Oando Plc received fair hearings and sufficient opportunities to rebut findings, but deemed its responses unsatisfactory, prompting the directive for board member removal and the appointment of an interim management team. These actions, grounded in the Investments and Securities Act of 2007, align with the regulator’s mandate to protect investors, preserve stakeholder value, and uphold transparency in Nigeria’s capital market.
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