Nigeria's SEC appoints Deloitte to audit Oando books

Nigeria's Securities and Exchange Commission (SEC) said it was going ahead with the forensic audit of energy firm Oando after the company dropped a lawsuit against the market regulator opposing the probe.
SEC in a statement said it has it has instructed Deloitte, an accounting firm to conduct the audit.
According to the regulator, "Oando has withdrawn the pending lawsuit against the Commission by an application heard and granted by the Court of Appeal on March 05, 2017."
Oando had filed a lawsuit against the SEC to halt the regulator’s suspension of the company’s shares and the planned audit, based on concerns about possible insider trading.
The SEC in 2017 investigated Oando on the basis of petitions from shareholders and a whistleblower, the statement said.
As a result, “the SEC placed the shares of Oando Plc on technical suspension and ordered a forensic audit of the affairs of Oando Plc,” the statement said.
An Oando spokeswoman said the firm is fully cooperating with the regulator.
With the lawsuit dropped, the SEC has asked Deloitte to conduct the audit, the regulator said.
Last month, Oando said it had settled a dispute with a key shareholder and was working on resolving remaining shareholder disputes and getting the suspension of its shares lifted.