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UPDATE 1-Nigerian court adjourns Oando case against securities regulator to July 22

Published 24/06/2019, 12:55
UPDATE 1-Nigerian court adjourns Oando case against securities regulator to July 22
SHEL
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OANDO
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(Adds context)
By Alexis Akwagyiram and Libby George
LAGOS, June 24 (Reuters) - A federal court in Lagos
adjourned a case brought by local oil firm Oando OANDO.LG to
stop Nigeria's financial watchdog from replacing its chief
executive and making other manangement changes to July 22.
The SEC's action followed an investigation in which it
allegedly found evidence of financial infractions by the
company.
This month a court blocked the SEC from replacing Oando's
chief executive and taking other action against the oil firm,
pending further hearings on the case. Oando has dismissed the SEC charges as unsubstantiated and
called for the SEC to release the full audit on which it is
basing its charges.
The Lagos-listed Oando, which also has a dual listing in
Johannesburg OAOJ.J , has evolved from a fuel retailer into a
major indigenous oil producer that competes with multinationals
such as Royal Dutch Shell RDSa.L and Exxon Mobil XOM.N in
Nigeria.

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