We’ve not withdrawn case against SEC – Oando

Oando Plc Chief Executive Wale Tinubu speaks during a Reuters interview in Lagos, January 13, 2009. Nigeria's top fuel retailer and gas distributor Oando Plc plans more acquisitions to grow its upstream business and produce 100,000 barrels per day of crude oil by 2013, its chief executive said in an interview. Picture taken January 13, 2009. REUTERS/Akintunde Akinleye (NIGERIA)

Oando Plc has stated that its legal tussle with the Securities and Exchange Commission with respect to the planned forensic audit of the oil firm is still on.

The spokesperson for Oando, Alero Balogun, told our correspondent in a telephone interview on Tuesday that following SEC’s resolve to go ahead with the planned audit, the company would cooperate with the regulator, but would not fail to seek legal redress.

She confirmed that the company had not withdrawn the court case filed against the regulator despite a recent peace accord struck with a major shareholder in the company with respect to dispute that triggered SEC’s decision to commission the forensic audit.

“Despite our objections to the forensic audit, the company will like to reiterate that it recognises and respects the authority of the commission and in the spirit of cooperation, transparency and full disclosure, the company will comply with the directives of the commission while reserving its legal rights in this matter,” Balogun stated.

The Nigerian capital market apex regulator had last month said its legal tussle with Oando over the planned forensic audit of the oil firm and the suspension of its shares on the trading floor of the Nigerian Stock Exchange would go ahead.

The regulator said the case would go ahead despite the recent announcement by Oando that it had reached a settlement with a major shareholder, Alhaji Dahiru Mangal, in a dispute between both parties over the running of the company.