Integrated Energy Trader, Oando Nigeria PLC is allegedly under a comprehensive investigation by the Securities and Exchange Commission (SEC), Channels TV reports.

Channels Television learnt that the Securities Commission conducted several weeks of investigations, upon which the Board and Management of Oando Nigeria have been written a formal letter to explain matters relating to observed malpractices in the company’s financial statements.

Sources add that SEC’s investigations were kicked-off following petitions filed by some foreign investors in Oando Nigeria PLC, in relation to the shareholding structure following the 1.65 billion Dollars cash that Oando paid in June 2014 to acquire the oil production assets of Conoco-Phillips in Nigeria.

However, Oando responded to the claim in a press release on its website in which it said: “The Company understands that the SEC is in receipt of correspondence containing (in our opinion) unsubstantiated, misleading and defamatory claims with respect to various matters that had already received board, shareholder and where required SEC approval.

The Company is fully co-operating with the SEC in the discharge of its duties as the capital markets regulator by providing all appropriate clarifications and rebuttals on the matters raised in the said correspondence. Oando will be happy to provide full disclosure of the outcome as soon as the SEC review is completed.”