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

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

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 19^th  to  24^th,  2021

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

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

Related News on Oando

1.      Engr Ajudua Secures Judgement as Court Stops SEC from Infringing on OANDO Shareholders Rights

2.     Oando Foundation Commemorates 10 Years of Bridging the Gap in Basic Education

3.     Oando Foundation Initiates Project to Promote Environmental Education and Responsibility

4.     OANDO Notifies of Delay in the Publication of its Q3 2020 Financials

5.     Oando's Nigeria at 60 Digital Platform Showcases Indigenous Talent and Instils National Pride

6.     Oando Joins Business Leaders to Pledge Support For Multilateralism as The United Nations Turns 75

7.     Oando Hosts Webinar on Revolution Based Change to Achieve Inclusive Growth

8.     OANDO Announces Delay in Filing Audited 2019 and Q1 2020 Unaudited Financial Statements

9.     Oando and IoD Host Webinar on Leadership Strategies for Navigating the Impact of COVID-19

10.  Oando, Aiteo, Seplat and Others Collaborate To Fight COVID-19

11.   Oando Becomes First Oil and Gas Company in Nigeria to be ISO 27001 Certified

12.  Oando Plc Announces the Successful Signing of Two Gas Supply Agreements with NLNG

13.  International Volunteer Day - Oando Foundation Refurbishes Early Childcare Classes

14.  Oando PLC Announces YTD September 2019 Results, Posts N13.1bn Profit-After-Tax

15.  OANDO Declares N13.06bn PAT in Q3 2019 Results (SP:N3.40k)

16.  NSE Reclassifies Oando Plc As Low Priced Stock

17.  NNPC, NAOC and OANDO JV Makes Gas and Condensates Discovery

18.  Oando Reaffirms Commitment to Support the Development of Sao Tome and Principe

19.  OANDO, MORISON And 82 Others Record Drop In Share Price In Ten Years

20. Oando Plc Appoints Dr Alex Irune As An Executive Director; Mobolaji Osunsanya Resigns

21.  OANDO Declares N7.17bn PAT in Q2 2019 Results,(SP:N3.95k)

22. Federal High Court Adjourns SEC Vs Oando Case to July 22

23. Deloitte Issues Press Statement on OANDO Forensic Audit

24. Oando PLC Responds to SEC's Statement Regarding Fair Hearing in the Investigation of the Company

25. Two Weeks After: OANDO Shares Dropped By -7.14%, -22% YTD

26. FHC Lagos Adjourns Hearing Between Oando Plc's GCE and Deputy GCE and SEC

27. Oando PLC's Official Response To SEC's Suspension Of Its 42nd AGM

28. SEC Suspends OANDO's Prior Approved AGM Scheduled To hold on June 11, 2019

29. Oando Update: SEC Aligns Principle Of Fair Hearing With Cooperation During Investigations

30. One Week After: OANDO Shares Dropped By -4.76% WoW, -20% YTD

31.  Chief Sena Anthony and Mr. Oghogho Akpata Resign From OANDO's Board Effective June 3rd, 2019

32. Oando Share Price Drops 20% Off The Back Of SEC Investor Protection Moves

33. OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k)SEC Appoints Interim Management Team For Oando Plc Headed By Mr. Mutiu Olaniyi Adio Sunmonu

34. Post-Forensic Exchanges: The SEC Letter to Oando Plc and The Oando Rebuttal

35. Oando Challenges SEC's Ruling On The Outcome Of The Forensic Audit Into Oando PLC

36. SEC Announces Far Reaching Decisions On The Investigation Of Oando Plc

37. Oando Optimises Value From Midstream Business

38. OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k)

39. Oando PLC Announces Divestment of its Residual 25% Interest in Axxela Limited

40. Oando's Plan to Deleverage and Remain Profitable

41.  Oando Plc Announces FYE 2018 Results, Posts N28.8 Billion Profit-After-Tax

42. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k)

43. Oando PLC Announces YTD September 2017 Results; Gives Operational Highlights

44. Oando Plc state Positions on the Securities and Exchange Commission Alleged Findings

45. Oando Secures Court Injunction, restraining SEC, NSE

46. Oando Shares Now Available for Trading, No Price Movement During Technical Suspension

47. JSE Follows NSE, Suspends Trading in the Shares of Oando Plc

48. Oando Gives Holding Response on SEC's Directive to NSE to Suspend Trading of Its Shares

49. Oando PLC's Official Statement on the SEC's Directive to The NSE to Suspend Trading of Its Shares

50. NSE, SEC Confirm Decision To Suspend Trading On The Shares of Oando Plc

51.  Trading on the Shares of Oando Plc Suspended; Reasons Unknown

52. Oando Gas & Power Rebrands as Axxela

53. House of Reps gives SEC Two weeks to submit Report on Oando PLC

54. Oando Plc. - AGM Resolution

55. Oando Plc holds 40th AGM, engages Shareholders on the Progress of its Restructuring Plan

56. Oando Plc's 40th AGM To Hold As Planned Following SEC Confirmation

57.  Oando Plc to Hold 40th AGM on Sept 11, 2017

58. Oando Plc Issues an Update on Claims of a SEC Investigation

59. OANDO Declares N4.56bn Profit in Q2 2017 Results,(SP:N7.80k)

60. Oando Issues Press Release over SEC Investigation

61.  Corporate Earnings for the Week Ending 140717 - UCAP declares N1.99 billion Profit in Q2'17 Results

62. SEC Investigating Oando Plc

63. OANDO Plc Announces Closed Period

64. Oando Provides Clarifications on its Refinery Ambitions

65. OANDO Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)

66. OANDO Plc Announces Closed Period

67. Oando Plc to Hold 2016 AGM on Tuesday 2nd August

68. Oando Plc Key Highlights on Q4 15 and Q1 16

69. OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations

70. Material Uncertainty May Cast Doubt on Oando's Ability to Continue as a Going Concern - Ernst & Young

71.  OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k

72. Oando Plc Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks

73. Oando explains what Deregulation of Petrol Price means for its Downstream Operations

74. Why Oando Plc's 2015 Audited Statements will be released on May 31, 2016

75.  OANDO to acquire OER Minority Shares for a Consideration of US 1.20 per share in Cash

76. The Corporate Governance Rating System - Proshare

77.  ETI, Oando Plc under Fire over Ownership, Governance 

Related News on SEC Laws and Corporate Governance

77.  The-Market-Memorandum---Fundamental-Considerations-for-Capital-Market-Reforms-in-Nigeria/2910

78. Corporate Governance and Directors' Remuneration

79. SEC Proposes New Rules & Amendments to Rules on Book Building, Corporate Governance

80.Good Corporate Governance is Good Business

81.  SEC, Udo Udoma And Corporate Governance: The Fact Files

82. Enabling Law - Investment and Securities Act (ISA) 2007

83. SEC Nigeria's Executed Rules and Regulations as at June 2017

84. SEC Nigeria's Consolidated Rules and Regulations as at 2013

85. Code of Corporate Governance for Public Companies 4 April 2011

Related News on Oando from Other Sources

86. N236bn Liability: Oando Shareholders Protest in Ibadan - Independent

87. Intel's Volpi Steps Up Battle Against Wale Tinubu over Control of Oando - ThisDay

88. Suspension of OANDO PLC - SEC

89. Oando Shareholders Set To Sack Wale Tinubu, Board - Independent

90. Notice to the General Public on Oando Plc - SEC

91.   So what's happening at Oando (2)? - Business Day

92. So what's happening at Oando (1)? - Business Day

93. The inside story: Why SEC ordered a Forensic audit of Oando Plc - Business Day