Court adjourns Oando’s case against SEC

SEC has lifted the suspension on Oando shares
SEC has lifted the suspension on Oando shares

A federal court in Lagos adjourned till July 22 Oando’s suit to stop Securities and Exchange Commission (SEC) from replacing its chief executive and making other management changes.

The SEC’s action followed an investigation in which it allegedly found evidence of financial infractions by the company.

This month a court blocked the SEC from replacing Oando’s chief executive and taking other action against the oil firm, pending further hearings on the case.

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Oando has dismissed the SEC charges as unsubstantiated and called for the SEC to release the full audit on which it is basing its charges.

The Lagos-listed Oando, which also has a dual listing in Johannesburg, has evolved from a fuel retailer into a major indigenous oil producer that competes with multinationals such as Royal Dutch Shell and Exxon Mobil in Nigeria.