Nigeria Financial Markets: People continue to rise above the system
Dear Readers: Oando has been in the news negatively of recent. The Securities & Exchange Commission of Nigeria (SEC) issued a directive that a forensic audit be carried out on Oando in October. A directive of this nature had never been issued by the SEC to a listed company. When we suddenly cross our fingers (prematurely) and hope that Nigeria may be turning a new tide, the Minister of Finance (a politically exposed person) suspends the Director-General of the SEC: Mounir Gwarzo for malfeasance approximately a month after he directed a forensic audit and the suspension of trading in Oando's shares. Suddenly, Oando became more emboldened in an air of perceived innocence and defiance granted it by the suspension of Mounir Gwarzo by Mrs. Kemi Adeosun, and has been writing long letters to the investing public and filing suits in every and any court in its quest to stop the ongoing forensic audit. We learnt in grade