Oando Shareholders Call for Lifting of Technical Suspension

Some concerned shareholders of Oando Plc have called on President Muhammadu Buhari, Senate President, Bukola Saraki Speaker, House of Representatives, Yakubu Dogara and other well -meaning Nigerians to prevail on the Securities & Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) to lift the technical suspension placed on the shares of Oando Plc.

SEC had last October directed the NSE to place the shares of Oando Plc on full suspension and later technical suspension. The capital market apex regulator had ordered the suspension to further conduct a forensic audit of Oando Plc following petitions by Ansbury Inc. and Alhaji Dahiru Mangal claiming majority shareholding in the company. They also alleged the mismanagement of and the Wale Tinubu-led management.

However, while Oando Plc has made attempts to resolve the issues raised by Ansbury and Mangal, the shares of the company remained on technical suspension.

Speaking in Lagos on behalf of the concerned Oando shareholders, Mr. Patrick Ajudua, said that the continued suspension of Oando shares is impacting negatively on their investments. He stressed that the federal government must protect a prosperous company like Oando from going down if it wants to demonstrate to the investing world about its seriousness to attract investors to the country.

“The continued suspension of Oando Plc is a wrong signal to the global market about the prevailing harsh operating environment in Nigeria, and this is at variance with the federal government’s initiatives to diversify the economy through increased foreign direct investment. We appeal to the federal government to intervene in our travails because the International investment community is keenly watching. The value of the investment as shareholders of Oando have made is being eroded because of this continued suspension of trading. We appeal that this suspension order must be lifted now.”