SEC Will Update Relevant Stakeholders on the Outcome of the Forensic Audit on OANDO

Proshare

Thursday, April 12, 2018 / 09:26 AM / SEC 

Share of Oando Plc were placed on technical suspension in October 2017 upon the announcement of forensic audit which aimed to protect investors as a short term measure.  

Suspensions are typically intended for a short period to ensure market stability and thereafter lifted to allow market dictates. 

However, the suspension of the shares of Oando plc was prolonged due to several litigations by Oando and other shareholders contesting the propriety of the forensic audit and technical suspension. 

All Litigations have now been withdrawn, the independent forensic audit by Deloitte is ongoing and the primary result is expected. 

Accordingly, the SEC directed the NSE to lift the technical suspension and allow market determination of the share price. 

The Commission acted in the interest of shareholders and would continue to protect the interest of all the investors and other shareholders in the capital market.  

SEC will update relevant stakeholders on the outcome of the forensic audit 

Signed Management 
Securities and Exchange Commission, Nigeria
April 11, 2018
 

Proshare Nigeria Pvt. Ltd.

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