Oando Crosses N1trn as Mgt. Sets to Release Audited Report

The market value of Oando Energy Plc has crossed N1 trillion mark again due to the latest rally on the oil stock on the Nigerian Exchange trading platform. The share price of the company rose to N81.50, which was 2% above the old price quoted on the Nigerian Exchange equities trading platform.

The company is still trading below its 12-month best price of N98.40 but far ahead of its 52 week low of N8.30 per share on the Nigerian Exchange platform. At the current price, the market value of Oando Energy has again crossed N1 trillion as investors continue to price in the company’s growth strategy.

On Wednesday, the market expects Oando Plc to release its audited financial statement for 2023.  At the end of the trading session, the market priced Oando Plc.’s 12.431 billion shares for N1.013 trillion. 

Earlier in Oct, Oando apologized to the Nigerian Exchange and investing public over its inability to meet the September 30, 2024 deadline earlier communicated to the market for submitting its 2023 Audited Financial Statements (AFS).

However, the company said following the approval of an extension by the NGX, it anticipates filing its 2023 AFS no later than Wednesday, October 23, 2024, subject to receipt of approval to do so from the Financial Reporting Council of Nigeria (FRC).