Oando: USNC Urges SEC to Follow due Process

• Oando: USNC Urges SEC to Follow due Process

The United States-Nigeria Council for Food Security, Trade and Investment has called on the Securities and Exchange Commission to follow due process in the issue involving Oando Plc.

In a statement made available to our correspondent on Friday, the USNC said, “Oando Plc, as a founding member of the council and as an active and valued participant in the council’s activities, plays an important role in promoting business and direct investment in Nigeria.

“While the body is committed to strengthening the commercial relations between the United States and Nigeria, it recognises the importance that strong capital markets play in attracting foreign investment, creating new jobs and stimulating economic growth.

‘If a regulatory body for the capital market is perceived to be stifling the market, it will have a detrimental effect on the ease of doing business, business growth and sustenance, deter new business and international investment, all of which will eventually translate to economic decline.”

According to the statement, the market is disturbed and investors are concerned that there is a capital market regulator that seems to lack a corporate governance structure and seems to apply compliance, fairness and equality as it likes, on its own discretion as opposed to approved, tried and tested processes and procedures.

“With the case gaining international attention, there is mounting pressure on both the SEC and the Federal Government of Nigeria to ensure that the SEC’s treatment of Oando does not serve as a deterrent to the international investing community,” the body said.