SEC Affirms Removal of Suspension of OANDO Shares

The Securities and Exchange Commission of Nigeria has affirmed that the 6-month old technical suspension on Oando PLC, a leading Nigerian energy company listed on the Nigeria and Johannesburg Stock Exchanges has lifted.

This was contained in a letter from the SEC Nigeria to the management of Oando Plc.

The share price of Oando Plc was at N5.99 as at the time of placing the shres of the energy company on technical suspension in October 2017.

It will be recalled that Oando Plc last week wrote to SEC Nigeria, to the lift the suspension due to its impact on minority shareholders.

Share of Oando Plc were placed on technical suspension in October 2017 upon the announcement of forensic audit which aimed to protect investors as a short term measure.

Suspensions are typically intended for a short period to ensure market stability and thereafter lifted to allow market dictates.

However, the suspension of the shares of Oando plc was prolonged due to several litigations by Oando and other shareholders contesting the propriety of the forensic audit and technical suspension. All
Litigations have now been withdrawn, the independent forensic audit by Deloitte is ongoing and the primary result is expected.

Accordingly, the SEC directed the NSE to lift the technical suspension and allow market determination of the share price.

The Commission acted in the interest of shareholders and would continue to protect the interest of all the investors and other shareholders in the capital market.

SEC promises to update relevant stakeholders on the outcome of the forensic audit