The Nigerian Stock Exchange, NSE, on Wednesday announced the suspension of trading on shares belonging to Oando Plc, explaining that the action was based on the directive of the Securities Exchange Commission, SEC.
This followed a comprehensive review of two petitions against the company 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”.
This was made known in a notice posted on the NSE’s website, part of which reads, “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.”