As a result of the directive from the Securities and Exchange Commission, SEC, to suspend trading in the sahres of Oando, the Nigerian Stock Exchange said it has executed the order.
The NSE said in a statement that:
Dealing Members are hereby notified that the Securities and Exchange Commission has directed The
Nigerian Stock Exchange to suspend trading in the shares of Oando Plc as follows:
1. Effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, The Exchange should implement a full suspension in the trading of the shares of Oando Plc; and
2. Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc.
A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.
In the 48 hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter, effective 20 October 2017, investors will be able to trade in Oando Plc’s shares but such trading will not result in any movement in the price of the shares.
The SEC is Nigeria’s top financial services regulator that oversees all securities trading and market operators.
Oando has been locked in a battle for control of the company after some of its key shareholders accused the company’s management and chief executive of mismanagement and shares manipulations.