Share Suspension: Oando Fights Back
As you may know, Nigeria’s indigenous oil company, Oando Plc shares were suspended last week for 48 hours.
There were allegations of suspected insider trading and discrepancies in ownership structures by the Securities and Exchange Commission, SEC.
The company’s share price was also frozen at N5.99 pending an outcome of a forensic audit.
But Oando isn’t just taking this lying low.
On Tuesday, the company began to fight back by obtaining an ex-parte order from the Federal High Court restraining the Nigerian Stock Exchange (NSE) from implementing a technical suspension of its shares.
The company’s Head, Corporate Affairs, Alero Balogun, said on Tuesday that the ex-parte order was obtained on October 23.
Also Read: What Oando’s Suspension Means To Investors
Balogun said the order also restrained the Securities and Exchange Commission (SEC) from conducting any forensic audit into the company’s affairs pending the hearing and determination of the matter.
“We are of the view that the SEC’s directives are illegal, invalid and calculated to prejudice the business of the company,’’ Balogun said in a statement.
It added that the company was dissatisfied with the most recent actions taken by the SEC and to safeguard its interest and that of its shareholders immediately took steps to seek justice.
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