Economy
Oando Gets Court Order to Stop Forensic Audit, Share Price Suspension
By Modupe Gbadeyanka
The last may not have been heard about the issues Oando Plc has with the capital market regulator, the Securities and Exchange Commission (SEC).
This is because the oil firm has approved the court to stop the suspension placed on its share price by the apex market regulator.
Last week, SEC directed the Nigerian Stock Exchange (NSE) to stop trading on the shares of the energy firm.
But on Monday, it relaxed the suspension, allowing trading of Oando stocks, but without price movement.
According a report by Reuters on Tuesday, the Nigerian oil company has obtained a court order to lift the suspension of trading in its shares and halt a forensic audit planned by SEC.
Reuters, which said it saw court documents on Tuesday regarding this, quoted an Oando spokesman as describing “the actions taken by the SEC, the suspension of the shares of the company and the initiation of a forensic audit [as] prejudicial to the company.”
Oando’s share price was frozen at N5.99k on Monday until further notice.
The Nigerian Stock Exchange said it was reviewing the court processes to provide an appropriate defence against the court order. The SEC declined to comment, saying that it was yet to receive the court order.
By 1236 GMT, only 42,923 shares at the firm’s fixed share price of N5.99k had traded. The company recorded no trades on Monday. A regulatory source said the freeze aimed to avoid volatile trading pending the outcome of the audit.
In an SEC letter to Oando dated October 17, the regulator accused Oando of corporate governance abuses and financial mismanagement, basing its allegations on two petitions received from Dahiru Barau Mangal and Ansbury Incorporated.
It added that it would engage accountancy firm Deloitte to lead the audit together with lawyers and stockbrokers, at a cost of 160 million naira, which would be borne by Oando.
A company source has said the petitions centred on the ownership of some Oando shares bought through an investment vehicle at the time the company acquired the Nigerian subsidiary of U.S. oil company ConocoPhillips for $1.65 billion in 2014.
Oando has said it was aware that the regulator had received petitions but the allegations were “unsubstantiated, misleading and defamatory”.
However, it had not received any notification from the regulator querying its compliance until the recent letter, adding that it has been cooperating with the SEC since the start of its investigation in May.
In July Oando’s share price fell close to a one-month low after the regulator said it was investigating the firm’s shareholding structure following the ConocoPhillips acquisition.
Trading in Oando’s shares has also been suspended in Johannesburg, where it has a secondary listing.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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