SEC distances self from Oando petition saga


The Securities and Exchange Commission (SEC) has distanced itself from recent media reports that had hinted at aclean bill of health for Oando over the ongoing Oando vs Volpi vs Mangal saga.

In a statement, SEC dissociates itself from the said publication and any other related articles published in other media outlets. The Commission assures the investing public of its resolve to uphold its mandate of Investor Protection and Market Development.

Recall that Channels Television, had sometime in July broken the news that SEC was looking into two petitions against Oando Plc. Channels later took down the report, while Oando stated that it was cooperating fully with the regulatory authorities.  

Gabriel Volpi (who has an indirect holding in Oando Plc) through Ansbury Plc and Dahiru Mangal had written to SEC to requesting it to stop the AGM.

SEC in its response had declined to do so, as such an action would be interpreted as it constituting itself into a court of law.

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Both parties had earlier petitioned SEC accusing the current management of Oando Plc of mismanaging the company and failure to grant them adequate representation on the board. Charges the company has vehemently denied. Oando also issued a statement denying alleged plans to institute an interim board.

While SEC maintains it has investors interest as its priority, the disclaimer does not explicitly state if it is currently investigating Oando or they have been concluded.

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