Aggregated News From Investment Management Regulators

Lifting of Technical Suspension on OANDO Shares

Report/Flag

Please complete the required fields.



Shares of Oando Nigeria Plc were placed on technical suspension in October 2017 upon the announcement of forensic audit which aimed to protect investors as a short term measure. Suspensions are typically intended for short periods to ensure market stability and thereafter lifted to allow market dictates.

However, the suspension of the shares of Oando Nigeria Plc was prolonged due to several litigations by Oando and other shareholders contesting the propriety of the forensic audit and technical suspension.  All litigations have now been withdrawn. The independent forensic audit by Deloitte is ongoing and the preliminary report is expected.

Accordingly, the SEC directed NSE to lift the technical suspension and allow market determination of the share price.

The Commission acted in the interest of the shareholders and will continue to protect the interest of all the investors and other stakeholders in the capital market. 

SEC will update relevant stakeholders on the outcome of the forensic audit.

Signed

Management

Securities and Exchange Commission, Nigeria

April 11, 2018

SEC NIGERIA LOGO

Source link

Regulator Information

Abbreviation: SEC NG
Jurisdiction: Nigeria

Recent Articles

MEGA ROYAL BANK

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Coin Value Bank

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

CITY NATIONAL PLC BANK

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

prospectcapital (clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Reopening of Comment Period for Share Repurchase Disclosure Modernization

See a PDF of the proposed rule from the Securities and Exchange Commission (SEC US) here: Read more

Get the latest from Regulatory.News in your inbox!

×