SEC, OANDO Crisis: Deloitte may release detailed audit report

Deloitte Touche Tohmatsu Limited, the audit company whose report the Security and Exchange Commission (SEC) premised the suspension of top two executives of Oando Plc on has said it may be forced to release the detailed forensic audit report.

In a reaction to the lingering face-off between the stock market regulatory commission and the oil and gas company, the audit firm said on Thursday that it may release the report if the crisis persists.

Reports claim that the company threatened: “it may resort to responding in details to all aspects of the press release as it relates to us and reserves the right to do so at a later stage should it become necessary.”

It would be recalled that Oando had complained that it was not given fair-hearing in the course of SEC’s investigation.

But SEC claimed that it gave fair-hearing to Oando Plc and that Deloitte was engaged during the investigation process after it was petitioned to investigate the activities of the company.

The capital market regulator also claimed: “Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.”

The actions of SEC on the company and some of its top executive has been a serious legal tussle between the apex regulator of the nation’s capital market.