It was double whammy for Oando Plc as the Johannesburg Stock Exchange, JSE, on Thursday suspended trading in its share, and a day after the Nigeria’s Securities and Exchange Commission, SEC, took similar decision.
A notice by the JSE said: “The Company has received communication from its primary listing, the Nigerian Stock Exchange (NSE), that the Securities and Exchange Commission (SEC) have issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied,” the JSE said in its notice.
“The JSE has accordingly suspended trading of the Oando shares with effect from 09:00 a.m. SA time, pending clarification following the review of subsequent correspondence received on 18 October 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible.”
However, the management of Oando plc said it was still reviewing documents sent to it by the NSE, and SEC.
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Oando has in recent time been enmeshed in crisis.
A group of aggrieved shareholders had attempted to disrupt its Annual General Meeting in Uyo, Akwa Ibom State over allegations of gross misconduct levelled against the management of the oil firm.