NGX Suspends Trading in Oando Shares

By Dipo Olowookere

Trading in the shares of Oando Plc on the floor of the Nigerian Exchange (NGX) Limited has been suspended.

This information was relayed to the investing public in a notice signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, on Thursday.

Business Post reports that the indigenous energy firm was hit with the hammer by the Nigerian Exchange over its failure to file its audited financial statements for the year 2023.

Oando has not submitted its audited results for the last accounting year. It missed different dates it promised investors and the investing public to file the documents.

In the disclosure today, it was stated that the suspension in the trading of Oando equities would be lifted when the needful is done.

“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which states that: if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension, trading in the shares of Oando Plc has been suspended from the facilities of Nigerian Exchange Limited effective today, Thursday, October 24, 2024, for not filing their Audited Financial Statements for the year ended December 31, 2023.

“In accordance with the default filing rules set forth above, the suspension of trading in the shares of Oando Plc shall be lifted upon the submission of the relevant financial statements,” the notice said.

This is not the first time Oando has been suspended from the stock exchange.

In 2018, SEC directed the stock exchange to suspend trading in the company’s equities and the next year, its stocks were suspended by the Johannesburg Stock Exchange (JSE) over allegations of tampering with financial results.

Before the suspension today, Oando gained 10.00 per cent on Tuesday at the bourse, closing at N89.65 per share.