Oando Shares Suspended From NGX Trading Over Delayed Audited Account

Trading in the shares of Oando Plc has been suspended on the Nigerian Exchange (NGX) Limited due to the company’s failure to submit its audited financial statements for the year 2023.

This was disclosed in a notice issued by Mr. Godstime Iwenekhai, Head of Issuer Regulation at NGX, on Thursday.

According to the statement, the suspension follows Oando’s inability to meet its regulatory obligations by filing its audited financial results within the required timeframe.

The indigenous energy company had previously missed multiple deadlines it set for investors and the public to release the financial documents.

The NGX confirmed that the suspension of trading in Oando’s shares would remain in effect until the company complies with the necessary filing requirements.

Once the financial statements are submitted and meet regulatory standards, the suspension is expected to be lifted.

The statement reads:
“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which states that: if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension, trading in the shares of Oando Plc has been suspended from the facilities of Nigerian Exchange Limited effective today, Thursday, October 24, 2024, for not filing their Audited Financial Statements for the year ended December 31, 2023.

“In accordance with the default filing rules set forth above, the suspension of trading in the shares of Oando Plc shall be lifted upon the submission of the relevant financial statements”.

This is not the first time Oando has faced suspension from the stock exchange. In 2018, the Securities and Exchange Commission (SEC) directed NGX to suspend trading in the company’s shares amid regulatory investigations.

Similarly, in 2019, the Johannesburg Stock Exchange (JSE) also suspended Oando’s stocks following allegations of tampering with financial results.

This latest suspension highlights the importance of timely and transparent financial reporting to maintain investor confidence and uphold market integrity.

Oando is expected to take the necessary steps to address the outstanding filings and restore normal trading activities.