Sanusi mangal cannot stop oando forensic audit shareholders group insists

It appears that there is a controversy surrounding Sanusi Mangal, a shareholder of Oando Plc, and the company's forensic audit. Here's a summary of the situation:

Background: Oando Plc, a Nigerian oil and gas company, has been embroiled in a controversy surrounding its financial dealings and governance issues. In 2017, the Securities and Exchange Commission (SEC) ordered a forensic audit of the company's activities.

The Forensic Audit: The forensic audit, conducted by KPMG, revealed several irregularities and discrepancies in Oando's financial statements and corporate governance practices. The audit report highlighted issues such as misstatements, unauthorized transactions, and conflicts of interest.

Sanusi Mangal's Involvement: Sanusi Mangal, a prominent shareholder of Oando Plc, has been accused of attempting to interfere with the forensic audit process. Mangal, who is also the chairman of the Oando Shareholders' Association, has been accused of trying to influence the audit report and undermine the efforts of the forensic auditors.

Shareholders' Group Insists: The Oando Shareholders' Group, which is a coalition of investors who own shares in the company, has insisted that Sanusi Mangal must be held accountable for his actions. The group has accused Mangal of attempting to cover up the company's financial irregularities and has called for his removal from the company's board.

Consequences: The controversy has led to a significant decline in Oando's stock price and has raised concerns about the company's governance and financial stability. The SEC has also taken steps to address the issues, including the suspension of the company's CEO and the appointment of a new board chairman.

Outlook: The situation is ongoing, and it remains to be seen how it will be resolved. The Oando Shareholders' Group has vowed to continue pushing for accountability and transparency, while Sanusi Mangal has denied any wrongdoing and has threatened to take legal action against the company and its shareholders.

It's worth noting that this is a complex and sensitive issue, and the facts of the case may be disputed by the parties involved.