By Modupe Gbadeyanka
Last week, the Nigerian Stock Exchange (NSE), on the directive of the Security and Exchange Commission (SEC), placed an embargo on trading in the shares of Oando Plc.
This was as a result of outcome of an investigation into the petitions filed against the energy firm by two shareholders.
SEC had also said in a statement last week that it was conducting an independent forensic audit on the company to ascertain outcome of its probe into the allegations of gross financial misconduct against Oando.
Last Friday, the NSE released a statement disclosing that the shares of Oando were still on full suspension as the process of converting from full to technical suspension was yet to be completed.
This morning, Monday, October 23, 2017, the stock market regulator said the shares of Oando Plc have been placed on technical suspension.
With this, traders at the stock market can transact shares of the Oando, but there will be no price movement while the technical suspension subsists.
“Update on Suspension of Trading in the Shares of Oando Plc Dealing Members are referred to our market bulletins of Wednesday, 18 October 2017 (NSE/LARD/LRD/MB05/17/10/18) notifying them that effective Friday, 20 October 2017 and until further directive, the shares of Oando Plc (Oando or the Company) will be placed on technical suspension; and that of Friday, 20 October 2017 (NSE/LARD/LRD/MB07/17/10/20) informing them that the shares of Oando were still on full suspension as the process of converting from full to technical suspension was yet to be completed.
“Please be informed that effective today, Monday, 23 October 2017; the shares of Oando Plc have been placed on technical suspension.
“Thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists. The above is for your information and records update please,” the statement read.
Adedapo Adesanya