Oando shares remains on ‘full’ suspension- NSE

Afolabi Adesola

The 48hour suspension, meant to elapse Friday 20th October 2017, placed on shares of Oando Plc has been extended till further notice.

The Nigerian Stock Exchange General Counsel/ Head of Regulation, Tinuade Awe said on Friday that trading in the shares of Oando Plc will remain fully suspended on the Nigerian Stock Exchange till further directives are given to dealing members.

Awe, in a market bulletin published by the NSE on Friday, titled “Update on Suspension of Trading in the Shares of Oando Plc” notified dealing Members that the shares of the Oando Plc are still on full suspension as the process of converting from full to technical suspension is yet to be completed.

The NSE had placed a 48-hour full suspension on the shares of Oando Plc on Wednesday 18th October following directives from the Securities and Exchange Commission (SEC).

Awe said Further updates will be provided as there are new developments on the matter.

Oando is currently under investigations from the SEC following petitions brought against it by two major shareholders of the company, Dahiru Mangal and Ansbury Inc, alleging gross abuse of corporate governance and financial mismanagement.