Thursday, April 12, 2018 /12:52 PM/Nigerian Stock Exchange
Oando PLC would like to update our shareholders, stakeholders and the general public that the Nigerian Stock Exchange (NSE) has lifted the technical suspension placed on the Company’s shares on October 23, 2017, following a directive issued by the Securities and Exchange Commission (SEC).
Further to this, the impediment to price movement in the shares of the Company was removed when the market opened for trading today, April 12, 2018.
The lifting of the technical suspension means that Oando shares will now experience price movements in response to competitive forces of demand and supply in line with the NSE’s trading rules.
The lifting of the technical suspension by the Regulator is good news for the Company and all its shareholders and will restore and boost investor confidence in the market.
In addition, the forensic audit into the affairs of the Company is currently underway by Deloitte Nigeria (Deloitte), the SEC appointed forensic team lead.
To date the Company has been fully cooperative with both the SEC and Deloitte. In the spirit of goodwill, transparency and full disclosure, we will continue to cooperate with the SEC and its nominated parties in the discharge of their duties as the Capital Markets regulator during this exercise.
We are hopeful that the forensic audit will have limited impact on the day-to-day operations of the business and we look forward to a swift and smooth conclusion by the SEC.