The Nigerian Stock Exchange on directives of the Securities & Exchange Commission suspended for 48hrs the trading on shares of Oando Plc.
Ayotola Jagun, the Chief Compliance Officer of Oando Plc, confirmed on wednesday morning in Lagos that the Company had received written notice from both the Securities & Exchange Commission, and the Nigerian Stock Exchange to suspend it shares for 48hrs, following which the shares will be placed on technical suspension where Investors could actually trade in the instrument but not see any price changes.
This follows from two petitions filed by Alhaji Dahiru Barau Mangal & Ansbury Incorporated earlier, in which the SEC reveals it came to the conclusion after due investigations that, Oando Plc is in:
1) Breach of provisions of investment & securities act 2007
2) SEC code of corporate governance for public companies
3) Suspected insider dealing
4) Related party transactions not conducted at arms length
5) Discrepancies in the shareholding structure of Oando Plc
Statement revealed by the SEC says “It will conduct a forensic audit into the activities of the Company in line with provisions of 13k of the Investments & Securities Act of 2007