Oando settles dispute with Nigerian regulator

ABUJA, Nigeria July 19 (Reuters) – Oando PLC and the Nigeria Securities and Exchange Commission (SEC) have finally reached a settlement following a four-year long dispute.

Nigerian Securities and Exchange Commission (SEC) said on Monday it has settled a long-running dispute with Oando due to the impact on investments after the energy firm approached the regulator.

The SEC said Oando would withdraw all legal action, pay an undisclosed monetary sum as part of the settlement and provide an undertaking to improve governance.

This marks the first time in Nigerian corporate history that the regulator, SEC and an organisation have reached a settlement in the interest of the capital market, which is encouraging for the business environment, the capital market and the investing community

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