Oando declared dividends unrealized profits released false financial statements sec
It appears that you are referring to a recent controversy surrounding Oando, a Nigerian energy company. Here's a summary of the situation:
In 2020, the Securities and Exchange Commission (SEC) in Nigeria accused Oando of releasing false financial statements and misrepresenting its financial performance. The SEC alleged that Oando had released financial statements that did not accurately reflect the company's financial position and performance, and that the company had failed to disclose certain material information to the public.
Specifically, the SEC accused Oando of releasing financial statements that showed unrealized profits, which the regulator claimed were not actually earned by the company. The SEC also alleged that Oando had failed to disclose certain transactions and liabilities, and that the company had engaged in other accounting irregularities.
As a result of the SEC's investigation, Oando was ordered to suspend its dividend payments and to conduct an independent review of its financial statements. The company was also required to provide additional information to the SEC and to the Nigerian Stock Exchange (NSE).
In response to the allegations, Oando denied any wrongdoing and claimed that its financial statements were accurate and compliant with relevant accounting standards. The company also claimed that the SEC's allegations were unfounded and that the regulator was seeking to unfairly target Oando.
The controversy surrounding Oando has had significant implications for the company and its stakeholders. The company's stock price has fallen significantly, and the controversy has raised concerns about the transparency and accountability of Nigerian companies. The SEC's investigation and the subsequent suspension of Oando's dividend payments have also raised concerns about the impact on the company's financial performance and its ability to meet its financial obligations.
It's worth noting that the controversy surrounding Oando is not an isolated incident. There have been several high-profile cases of accounting irregularities and financial mismanagement in Nigeria in recent years, which have raised concerns about the transparency and accountability of the country's corporate sector.