JSE- and Nigerian Stock Exchange-listed Oando on Monday said two petitions submitted to the US Securities and Exchange Commission (SEC), alleging gross abuse of corporate governance and financial mismanagement by Oando, have no merit.
The petitions were filed against the company by investment company and shareholder Ansbury and Alhaji Dahiru Mangal, an individual who has shares in Oando.
The SEC has since commenced an enquiry in response to the petitions.
“From the SEC's initial correspondence to the company to date, we have availed them with all documents requested, provided clarification on, and rebuttals to, the issues raised and await a speedy conclusion to the enquiry,” the company said in a statement.
It added that it would provide full disclosure of the outcome as soon as the SEC enquiry is completed.