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 All litigations have now been withdrawn.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.
Securities and Exchange Commission, Nigeria
April 11, 2018