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Company Update - NSE/SEC suspend trading of Oando shares

NSE/SEC suspend trading of Oando shares                                                                         

In response to petitions from two Shareholders of Oando Plc over alleged breach of corporate governance code, suspected insider dealings, and discrepancies in shareholding structure, the Securities and Exchange Commission has directed The Nigerian Stock Exchange to suspend trading in the shares of the Oando Plc. This suspension would come in two segments which include;                                                   

• Effective for forty - eight (48) hours from today, 18 October 2017 to 20 October 2017, The Exchange should implement a full suspension in the trading of the shares of Oando Plc;
• Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc

We understand that the decision to suspend the shares of the company is in a bid to ensure the independence and transparency of a forensic audit to be conducted on the company and to ensure that the interest of all shareholders of Oando Plc are preserved during the course of the exercise.                  

OANDO is one of Africa’s largest integrated energy solutions company with operations geographically spanning several jurisdictions of Europe, North America and West Africa and primarily in Nigeria. Operations include petroleum marketing, gas and power distribution, international supply, trading, energy services and exploration and production. In 2014, OANDO acquired the Nigerian businesses of ConocoPhillips to become one of the country's largest E&P companies.