Oando reacts to suspension of shares trading by SEC

Oando

In reaction to the suspension of all trading in its shares, Nigeria’s Oando Plc has issued a statement on the matter.

In a statement issued earlier today, Oando said:

The Company has received communication from the Nigerian Stock Exchange (NSE) that the Securities and Exchange Commission (SEC) have issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied.

The Company is currently reviewing subsequent correspondence received today October 18, 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible.

The Company remains committed to act in the best interests of all its shareholders.

Oando has been cut up in a supremacy and control battle with some of its top institutional investors who have accused the company’s chief executive of shares manipulation and mismanagement, allegations which have been strongly denied by the company.