You Can Now Trade On Oando Shares
Nigerian stock market regulator, the Security and Exchange Commission, SEC has lifted suspension of shares in oil company, Oando.
This now allows investors to resume trading on the company’s stocks months after it was suspended from the market following allegations of insider dealing and the company’s shareholding structure.
The Nigerian Stock Exchange, NSE said it lifted the suspension following a directive from the SEC.
The shares resumed trading at 6.30 naira, after last closing at 5.99 naira six months ago.
The stock exchange notified Oando on the lifting via a letter. It did not provide any reason.
Also Read: What Oando’s Suspension Means To Investors
In October, SEC said it received two petitions about financial mismanagement by Oando that alleged that related party transactions were not conducted at arm’s length and that there were discrepancies in its ownership structure.
The SEC has said a team of auditors, lawyers, stockbrokers and share registrars would conduct a forensic audit on Oando to ensure independence. Accountancy firm Deloitte has been appointed to handle the audit.
In January, the company said it has settled a squabble with a key shareholder and was working on resolving remaining shareholder disputes and getting a suspension of its shares lifted.
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