BUSINESS

SEC explains suspection of Oando shares

Published

7 years ago

April 12, 2018

Biodun Abimbola

NSE: Oando leads 7 other coys with 52.75% growth in April

Share of Oando 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, the Securities and Exchange Commission (SEC) said on Thursday.

SEC in a statement said that the suspensions are typically intended for a short period to ensure market stability and thereafter lifted to allow market dictates.

However, the suspension of the shares of Oando 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Litigations have now been withdrawn, the independent forensic audit by Deloitte is ongoing and the preliminary result is expected.

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Biodun Abimbola

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