Oando Plc says it is actively co-operating the Securities & Exchange Commission (SEC) on the current investigation arising from allegations and petitions on its shareholding structure.

The investigation came on the heels of a petition by Alhaji Dahiru Mangal and Ansbury Inc alleging criminal manipulation of the company’s shareholding structure by the executive management of the company.

In a statement by Alero Balogun, Head, Corporate Communications and Ayotola Jagun, Chief Compliance Officer, Oando Plc stated that the issues of shareholding were fully disclosed in its audited accounts in respect of the company’s 40th Annual general Meeting (AGM) held on Thursday, August 31, 2017 in Lagos.

Going forward, Oando stated as follows:

“The company remains committed to act in the best interests of all its shareholders and will continue to fully co-operate with the SEC in the discharge of its duties as the capital markets regulator.”