Oando Plc on Friday 14th of July 2017 announce it is aware that the Securities and Exchange Commission (SEC) is in receipt of correspondence containing unsubstantiated, misleading and defamatory claims with respect to various matters and that this has already received board, shareholder and where required SEC approval.
This announcement was made after Channels Television reported the company was under investigation by SEC following petitions filed by some foreign investors in Oando Nigeria PLC, in relation to its shareholding structure following the 1.65 billion Dollars cash that Oando paid in June 2014 to acquire the oil production assets of Conoco-Phillips in Nigeria.
Though Oando Plc confirmed it is being checked out by SEC on various matters, it has asked Channels Television to retract the report as it is concerned about media houses going public with information without first obtaining a balanced view as this may in some cases lead to the publication of unconfirmed, misleading and damaging information. The company further stated that such stories could affect the company materially as it is listed on both the Nigerian Stock Exchange (NSE) and the Johannesburg Stock Exchange (JSE).
The company's share price dropped to N7.55k on the NSE, a 9.6% drop from it previous close.
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