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SEC, Oando Find Common Ground, Settle Legal Battle

SEC, Oando Find Common Ground, Settle Legal Battle

The Securities and Exchange Commission (SEC) and oil company Oando withdraw their knives, as they enter into a settlement after consultations with the latter.

This was disclosed in a circular obtained by BizWatch Nigeria, signed by the commission’s management.

The commission noted that a sanction had been imposed on Oando over violations of “capital market regulations”.

Stalling the conclusion of the case were “conflicting court judgements” as stated by the commission, following a challenge by Oando’s management over the sanction.

The SEC, explaining the delay in settlements in court had said, “Given the conflicting judgments, the Commission hereby advises the public that in line with the law and the pending appeals/applications for stay of the various judgments, parties and relevant stakeholders are enjoined to maintain status quo, which includes the suspension of the annual general meeting, pending the determination of the cases and the appeals.”

However, following discussions between both parties, the commission said, “Pursuant to the powers conferred on the Securities and Exchange Commission (the Commission) by the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, the Commission on Thursday, July 15, 2021, entered into a Settlement with Oando Plc (the Company).

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“The Commission in its letter to the Company dated May 31, 2019, gave certain directives and imposed sanctions on the Company, following investigations conducted pursuant to two petitions filed with the Commission in 2017.

“The Company and some of its affected directors had challenged the said directives in a series of suits commenced at the Federal High Court.”

It added that “In the overriding interest of the shareholders of the Company and the capital market, the Company has reached a settlement with the Commission, without accepting or denying liability” on agreed terms.

“The Commission reiterates its commitment to ensuring the fairness, transparency and integrity of the capital market, and uphold its mandate to protect investors,” it concluded.

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Kindness Udoh is a writer and media enthusiast with vast experience in journalism, copywriting, and features across beats. He also has professional certifications in creative writing. You can reach him via [email protected]

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