Oando reacts to SEC/NSE Suspension

Oando workers at an oil rig
Oando workers at an oil rig [Photo: THISDAYLIVE]

The management of Oando plc said it was still reviewing documents sent to it by the Nigerian Stock Exchange, NSE, and the Securities and Exchange Commission, SEC, after the company was suspended on the Nigerian bourse Wednesday.

A statement signed by Ayotola Jagun, Chief Compliance Officer and Company Secretary at Oando said the oil firm had received communication from both regulatory agencies.

PREMIUM TIMES had earlier reported that SEC on Wednesday morning directed the suspension on trading in the shares of the oil firm following petitions forwarded to it by aggrieved stakeholders.

The NSE, following the directive, later suspended the company.

Tinuade Awe, General Counsel and Head of Regulation at the NSE, said the full suspension is effective for 48 hours from Wednesday to Friday, after which it would commence a technical suspension until further directive.

Ms. Awe also affirmed that in the 48-hour period commencing Wednesday, there will be no trading in the shares of Oando Plc, adding that from Friday, investors will be able to trade in Oando Plc’s shares but such trading will not result in any movement in the price of the shares.

But in its reaction Wednesday evening, Oando said it remains committed to the interest of its shareholders, adding that it will review the documents and come out with its position soon.

“The company is currently reviewing subsequent correspondence received today October 18, 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible,” the statement said.

“The Company remains committed to acting in the best interests of all its shareholders.”

Apart from the Nigerian bourse, Oando is listed in Johannesburg and Toronto. But the company has in recent time been enmeshed in crisis.

Earlier in September, a group of aggrieved shareholders attempted to disrupt its Annual General Meeting in Uyo, Akwa Ibom state over allegations of gross misconduct levelled against the management of the oil firm.

The irate shareholders also called for the removal of Wale Tinubu, the company’s Group Chief Executive Officer.

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