Oando Plc, SEC Enter Into Settlement

Securities and Exchange Commission
Securities and Exchange Commission

Oando Plc has entered into a settlement with the Securities and Exchange Commission in the overriding interest of the shareholders of the Company and the capital market.

This was contained in a Circular released by the SEC in Abuja Monday and signed by the Management of the Commission.

According to the Circular, the company has reached a settlement with the Commission without accepting or denying liability, on the following terms amongst others: Immediate withdrawal of all legal actions filed by the Company and all affected directors; Payment of a monetary sum; and an undertaking by the Company to implement corporate governance improvements. Plc Enters into Settlement with SEC

Oando Plc has entered into a settlement with the Securities and Exchange Commission in the overriding interest of the shareholders of the Company and the capital market.

 “The Company and some of its affected directors had challenged the said directives in a series of suits commenced at the Federal High Court. However, the Company subsequently approached the Commission for a settlement of the matter, and both parties have now agreed to settle in consideration of the impact that a further prolonged period of litigation would have on the Company’s shareholders and the value of their investments as well as remedial measures to be put in place by the Company in enhancing its corporate governance practices and strengthening its internal control environment.

The Commission further reiterates its commitment to ensuring the fairness, transparency and integrity of the capital market, while upholding its mandate to protect investors.

This was contained in a Circular released by the SEC in Abuja Monday and signed by the Management of the Commission.

According to the Circular, the company has reached a settlement with the Commission without accepting or denying liability, on the following terms amongst others: Immediate withdrawal of all legal actions filed by the Company and all affected directors; Payment of a monetary sum; and an undertaking by the Company to implement corporate governance improvements.