Nigeria SEC Says Oando Committed `Serious Infractions,' Bars CEO
- Regulator bars company CEO, deputy for five years as directors
- Orders extra-ordinary meeting to elect new directors by July 1
A closed Oando Plc gas station in Port Harcourt, Nigeria.
Photographer: George Osodi/Bloomberg
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Nigeria’s market regulator barred Oando Plc’s chief executive officer and deputy CEO from the boards of public companies for five years after an investigation found that the oil and gas producer committed “serious infractions.”
A forensic audit by Deloitte & Touche LLP "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 Securities and Exchange Commission said in a statement on Friday.