The Johannesburg Stock Exchange has suspended trading in shares belonging to Oando Plc. According to a statement issued by the JSE’s Sens service, Oando’s listing was suspended following the review of subsequent correspondence received on October 18 from the Nigerian Stock Exchange (NSE) and the Securities and Exchanges Commission (SEC).
On Wednesday, the NSE said it followed the directive of the SEC to suspend trading till the regulator concluded investigations on the company. SEC said it made the findings at the end of its investigation into the breach of the provisions of the Investments & Securities Act 2007.
Two major shareholders of the company, Dahiru Mangal and Ansbury Inc, had submitted a petition to SEC demanding the postponement of the company’s annual general meeting and accused the management of gross abuse of corporate governance and financial mismanagement.
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