A federal court in Lagos adjourned a case brought by local oil firm Oando to stop Nigeria’s financial watchdog from replacing its chief executive and making other manangement changes to July 22. The SEC’s action followed an investigation in which it allegedly found evidence of financial infractions by the company. This month a court blocked the SEC from replacing Oando’s chief executive and taking other action against the oil firm, pending further hearings on the case.
Oando has dismissed the SEC charges as unsubstantiated and called for the SEC to release the full audit on which it is basing its charges. The Lagos-listed Oando, which also has a dual listing in Johannesburg, has evolved from a fuel retailer into a major indigenous oil producer that competes with multinationals such as Royal Dutch Shell and Exxon Mobil in Nigeria. Reuters
