Oando’s woes compounded as Johannesburg Stock Exchange replicates NSE’s suspension

Following Oando Plc’s suspension from the Nigerian Stock Exchange (NSE), the Johannesburg Stock Exchange (JSE) has also suspended trading in shares belonging to Oando Plc.

According to a statement issued by JSE’s Sens service on Thursday, Oando’s listing was suspended following review of correspondence received on October 18 from the NSE and the Securities and Exchange Commission (SEC).
Recall that on Wednesday, the Nigerian Stock Exchange said it followed the directive of SEC to suspend trading in Oando’s shares until the regulator concluded investigations on the company.

SEC had revealed that it made the following findings at the end of its investigation into the breach of the provisions of the Investments & Securities Act 2007:

“The company has received communication from its primary listing, 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 JSE said in its notice.

Read also: SEC suspends trading on Oando shares over alleged financial mismanagement

“The JSE has accordingly suspended trading of the Oando shares with effect from 9:00 am SA time, pending clarification following the review of subsequent correspondence received on October 18, 2017 from the NSE and SEC and will provide a full statement of the company’s position as soon as possible”.

The investigative process was triggered when two major shareholders of the company, Dahiru Mangal and Ansbury Inc, submitted a petition to SEC demanding the postponement of the company’s annual general meeting and accused the management of gross abuse of corporate governance and financial mismanagement.

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