Oando withdraws lawsuit against SEC

Oando withdraws lawsuit against SEC

Oando Plc, the largest indigenous oil company in Nigeria has now withdrawn its legal qualms against the Nigerian Securities and Exchange Commission, SEC.

The SEC had instituted a forensic investigation into the financial dealings of Oando after several shareholders of the company complained to the commission.

According to Reuters, 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.