Nigerian SEC Says Oando Committed ‘Serious Infractions’ (1)

Nigeria’s Securities and Exchange Commission said Oando Plc committed “serious infractions” following a forensic audit by Deloitte LLP.

“The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight,” the Abuja-based SEC said in an emailed statement.

It barred the oil and gas producer’s chief executive officer and deputy CEO from sitting on the boards of public companies for five years and ordered the convening of an extra-ordinary meeting to appoint new directors before July 1.

A spokesperson for Oando didn’t ...