Oil firm, Oando Plc, allegedly declared dividends from unrealised profits and released false financial statements to the public before it was suspended by the Nigerian Stock Exchange, NSE, a letter sent to the oil firm by the Securities and Exchange Commission, SEC, shows.
Oando, which was suspended by the NSE on October 19, has been enmeshed in a protracted crisis for a while.
The NSE suspension followed an October 18 directive by the SEC, mandating the it to sanction the oil firm.
Similarly, the Johannesburg Stock Exchange, following an advice from the Nigerian bourse, also suspended the embattled firm on October 19.
However, in a letter sent by SEC to the Group Chief Executive Officer of the firm, Wale Tinubu, and obtained by TheNewsGuru.com, the commission said it found that the oil firm’s 2014 Rights Issue Circular ”contained misleading information.”