Oando enters settlement with SEC, agrees to withdraw all cases in courts

Oando Plc has entered into a settlement with the Securities and Exchange Commission (SEC) in the overriding interest of the shareholders of the company and the capital market.

This is according to a circular released by the SEC in Abuja today and signed by the management of the commission.

The circular noted that Oando has reached a settlement with the commission on the following terms, immediate withdrawal of all legal actions filed by the Oando and all affected directors; payment of all monetary penalties stipulated in the SEC’s letter of May 31, 2019; and an undertaking by the company to implement corporate governance improvements.

Also parts of the terms also requires the submission by Oando of quarterly reports on its compliance with the terms of the settlement agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance.