OANDO Share Price up 10% off Positive Court Ruling as SEC Reacts to the Court Judgement

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Wednesday, February 24, 2021 04:28 PM / by Oando Plc with Additional Comment by Proshare Research/ Header Image Credit: Motely Fool Australia


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Oando Plc joined the Nigerian Stock Exchange (NSE) top gainers with a 10% increase in share price from N3.18 on Tuesday, February 23, 2021 to N3.41 on Wednesday, February 24, 2021. The share price appreciation can be attributed to the recent announcement of the nullification of the Securities and Exchange Commission's (SEC) suspension of Oando's Annual General Meeting (AGM), in a ruling presided over by Justice O A Musa, at the High Court of the FCT. Following the news, investors poured into the stock helping it top the gainer's chart.

 

Related Link: Engr Ajudua Secures Judgement as Court Stops SEC from Infringing on OANDO Shareholders Rights - Feb 23, 2021

 

Graph: OANDO's Share Price Movement - Feb 19th  to  24th,  2021

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According to, Engr. Olowola Kehinde, an Oando shareholder and Coordinator, Sage Shareholders and Inc, "This news is evidence that if given the opportunity, our shares could be doing considerably better on the capital market. Overnight, this positive ruling by the court has seen our share price go up by 10%, imagine how much more it could have appreciated by if given a favourable operating environment since 2017. The SEC issue has evidently, harmed our share price and we hope the regulator can see this and will look for a resolution that benefits shareholders".


Speaking on the jump in share price, another Oando shareholder in Lagos said, "For four years, Oando and SEC have been in a tussle and we the shareholders have been the ones on the receiving end. We bought these shares as investments and it's painful not being able to reap any benefits from this investment especially for an issue that can be resolved in a boardroom. We've pleaded with SEC to allow the management team to focus on running the business rather than fighting in court but there has been no movement until the court ruling yesterday. For two years we have had no oversight of our investment or what the company is doing, we value the role of the regulator and want them to do their jobs properly but at the same time we are hopeful that SEC will see this as an opening for a resolution that will benefit all starting with us shareholders whose interests they are to protect."

 

Nearly two (2) years on and as a result of the suspension of the company's AGM there has been no insight into the company's corporate initiatives and financials leaving little room for growth in share price.

 

Market players will be watching the impact of the signalling effect of the court's ruling and SEC action on Oando's share price in subsequent days as well as the implications of finally being allowed to hold an AGM.

 

On the other hand, the Securities and Exchange Commission (SEC) has reacted to the purported judgment obtained from the Federal Capital Territory High Court against the Commission.

 

The Commission stated that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission stated further that it will take all necessary steps to verify and set aside the decision of the said Court.

 

Screenshot of SEC's Press Statement

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Related Reports

1.      Memo to The Market: The Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017

2.     Download Full (PDF) Report - Memo to The Market: The Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017

3.     Download (PDF) Report - SEC Technical Committee on Oando Plc 2017 -Dec 04, 2017

4.     Review of the SEC Technical Committee Recommendations, Opinion and Final Report

 

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