Oil and gas company Oando says that it has obtained court orders against the Nigerian Stock Exchange to stop it suspending its shares indefinitely and against Nigeria’s Securities and Exchange Commission (SEC) to stop it conducting a forensic audit. In May, Gabriele Volpi and his company Ansbury, an indirect shareholder in Oando, and Nigerian businessman Alhaji Dahiru Mangal laid complaints with the SEC about corporate governance breaches at Oando. Mangal claims a 17.9% shareholding in Oando but Oando says he only owns 4%. Late last week, trading in Oando shares was suspended in Lagos and Johannesburg. Ansbury’s and Mangal’s complaints prompted a probe, which Oando insisted in July was merely a call for documents, not an investigation. The SEC has now raised a range of issues, which Oando responded to in a detailed stock exchange statement. The company said the SEC’s actions prejudiced Oando’s ability to conclude business transactions and affected the confidence of stakeholders. Oan...
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