The Securities Exchange Commission (SEC) has directed the Nigerian Stock Exchange (NSE) to suspend the trading of shares of Oando Plc with immediate effect.
This was due to a comprehensive review of two petitions against the company filed by Alhaji Dahiru Barau Mangal and Ansbury Incorporated, which led the NSE to discover that Oando breached provisions of the Investments & Securities Act 2007 as well as the SEC Code of Corporate Governance for Public Companies.
There was also the cases of “Suspected insider Dealing; Related party transactions not conducted at arm’s length; Discrepancies in the shareholding structure of Oando Plc. Etc”.
The Nigerian Stock Exchange made this known on its website earlier today.
The statement reads in part; “Dealing members are hereby notified that the Securities and Exchange Commission has directed The Nigerian Stock Exchange to suspend trading in the shares of Oando Plc as follows:
“Effective for 48 hours from today, October 18, 2017 to October 20, 2017, the exchange should implement a full suspension in the trading of the shares of Oando Plc; and effective from October 20, 2017 and until further directive, the exchange should implement a technical suspension in the shares of Oando Plc.”