SEC Resumes Investigation On Oando Saga

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Nigeria’s Securities and Exchange Commission (SEC) plans to go ahead with a forensic audit and investigation  of oil company Oando Plc. it said in a statement on Tuesday, despite the suspension of the commission’s director.

The Finance Minister suspended SEC Director General Mounir Gwarzo last week over allegations of financial impropriety, a month after Gwarzo started an investigation into Oando’s shareholding structure and froze trading in its shares.Suspended alongside Mr. Gwarzo were two officials of the regulatory commission, Abdulsalam Habu, Head of Media Division, and Anastasia Braimoh, Head of Legal Department.

Oando, which bought Conoco Phillips’ Nigerian business for $1.65 billion in 2014, had gone to court to challenge the suspension of its shares by the SEC.