NSE: Trading on Oando Shares Resumes Today

Shareholders vow to sue SEC

Less than 24 hours after it reversed an earlier decision to lift the six months technical suspension placed on the shares of Oando Plc, the Exchange has said trading on the oil firm’s shares will resume today without any impediment in price movement consistent with the NSE’s market structure

This is just as shareholder groups under the aegis of the Proactive Shareholders Association of Nigeria (PROSAN), Trusted Shareholders Association of Nigeria (TSAN) and the Oando Shareholders Solidarity Group (OSSG) have accused the Securities and Exchange Commission (SEC) of frustrating the forensic audit of the oil firm.

The shareholders vowed to “resist the lifting of the ban on the shares of the embattled oil firm on the through the back door”, pointing out that the current leadership of the SEC failed to take any proactive step to resolve the Oando crisis.

In a statement last night, the NSE said by a letter dated 9 April 2018 from the SEC, the Exchange was directed to lift the technical suspension placed on the trading of Oando’s shares.

The statement read: “In compliance with the Commission’s directive, the Exchange by a letter dated 10 April 2018, informed the Commission that it will lift the technical suspension placed on the shares of Oando effective 11 April 2018. This action was duly effected and trading commenced without any impediment to price movement in the morning of 11 April 2018.

Subsequent to the lifting of the technical suspension, on 11 April 2018, The NSE received another communication from SEC to maintain the status quo prior to the Commission’s letter of 9 April 2018, (the technical suspension of trading in Oando’s shares.) “In order to ensure compliance with the Commission’s further communication notwithstanding the fact that the exchange’s systems cannot implement a technical suspension intraday, the exchange suspended trading in Oando’s shares. The exchange regrets any inconvenience that may have arisen due to the foregoing.

In the overall interest of investors in Nigeria’s capital markets, and following consultation with the Commission please be advised that trading will start tomorrow (today), 12 April 2018.