Sanusi, Mangal can’t stop Oando’s forensic audit – Group


The Oando Shareholders Solidarity Group has said the intervention of the Emir of Kano, Muhammadu Sanusi II, in the face-off between the company and one of its aggrieved shareholders cannot stop a forensic audit planned by the Securities and Exchange Commission.

The Coordinator, OSSG, Clement Ebitimi, said that while his group was not against the peace accord with Alhaji Dahiru Mangal brokered by Sanusi, the issue of the forensic audit bordered on financial mismanagement, insider dealings, abuse of corporate governance and infractions of the Investment and Securities Act, 2007.

Ebitimi said in a statement, “For the avoidance of doubt, the forensic audit of Oando ordered by SEC is not about Alhaji Dahiru Mangal. The audit is about series of infractions of the Investment and Securities Act, 2007 uncovered in the company by a preliminary investigation ordered by SEC.

“SEC’s preliminary findings established serious concern to the existence of corporate governance, gross abuse of corporate governance and series of manipulations and financial management in Oando Plc.”

Source: Punch

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