Nigerian SEC lifts shares trading suspension on Oando

Nigerian SEC lifts shares trading suspension on Oando

After several months of shares trading suspension, the Nigerian Securities and Exchange Commission, SEC has lifted the ban on the Oando.

It would be recalled that the SEC had placed a trading ban on Oando’s shares on the Nigerian Stock Exchange after the regulator ordered a forensic examination into the books of the oil company.

Oando was reported to the regulator by some of its key shareholders for alleged corrupt practices and financial mismanagement, allegations that were strongly denied by the corporation.

According to shares trading monitored by Reuters News, the shares resumed trade at 6.30 naira, after last closing at 5.99 naira six months ago.

The SEC has not announced that it has stopped its forensic audit.

Oando could not be reached for comments on the matter as at the time of writing this report.