The Nigerian Securities and Exchange Commission (SEC) has opened an investigation into Oando’s financial statements.
The investigation was triggered by allegations from foreign investors about the shareholding structure after the company acquired assets from ConocoPhillips in 2014.
Oando in a statement said “The company understands that the SEC is in receipt of correspondence containing (in our opinion) unsubstantiated, misleading and defamatory claims with respect to various matters that had already received board, shareholder and where required SEC approval.”
“The company is 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.”