‘Notice Of Appeal Not Same As Restraining Order Of A Court’- SEC Letter To Oando Plc

‘Notice Of Appeal Not Same As Restraining Order Of A Court’- SEC Letter To Oando Plc

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Post Views: 117 “Notice does not serve as an order of court restraining the commission from conducting the exercise.” With those words, the Securities...

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“Notice does not serve as an order of court restraining the commission from conducting the exercise.”
With those words, the Securities & Exchange Commission (SEC) wrote to inform the management of Oando Plc to cooperate with its team of forensic auditors (representatives of five diverse firms operating in the capital market) scheduled to arrive its office from today, Wednesday, December 6, 2017.
Furthermore,the commission in its letter pasted above, said she “is not aware of the existence of any valid or subsisting order of court restraining the commission from proceeding with the forensic audit.”
The team of forensic auditors represent the external audit firm of Akintola Williams Deloitte, United Securities Limited, registrars; SPA Ajibade & Co, a firm of capital market solicitors; Tjadap Consulting and Associates; as well as Nasiru Muhammad & Co.
Oando, according to the SEC is to bear the cost of the exercise put at N160m.

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