Nigeria’s SEC gets two weeks from parliament to report on Oando shareholder tussle


The last has not been heard on the Oando, Volpi and Mangal shares scandal as Nigeria’s parliament has called the Securities and Exchange Commission, SEC to report on the matter in the next two weeks.

Oando PLC, an indigenous oil and gas conglomerate has been enmeshed in a supremacy battle for the control of the company with one its proxy and direct shareholders.

The SEC had since disclosed it was investigating Oando as regards the company’s USD1.6b billion acquisition of ConocoPhillips assets in Nigeria’s Niger Delta in 2014.

A member of the parliament was quoted by Reuters that:

“SEC has set up a committee to look into the ongoing issues. The House Committee on Capital Market has given them two weeks to come up with the report,”.

Messrs Volpi and Mangal have been up in arms with Wale Tinubu to take over the reigns of the company over allegations of financial mismanagement and shares fraud levelled against him.

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