Business
Stock Exchange lifts suspension on Oando
The Nigerian Stock Exchange (NSE) has just lifted technical suspension on the shares of Oando Plc.
The technical suspension took effect on Wednesday April 11, 2018.
In early hours of trading after the lifting of the technical suspension at the reopening of the market by 10.30am, Oando was already on bid with demand for more than 100 million shares. The oil and gas company’s share price has risen to N6.60 per share.
Ripples Nigeria gathered that the Securities and Exchange Commission (SEC) had on Monday April 9, 2018 directed the Exchange to lift the technical suspension on the shares of Oando.
Read also: Shell says theft of crude oil increased under Buhari
“On receipt of the Commission’s directive, the Exchange put the process in place to lift the technical suspension, including testing on its trading system,” a circular on the lifting of the suspension cited by Ripples Nigeria stated.
The Nigerian Stock Exchange (NSE) had in October 2017 placed the shares of Oando on suspension, following a directive from the Securities and Exchange Commission (SEC), which had launched investigations into petitions against the management of the company.
A group of concerned shareholders of Oando had on Tuesday April 10, 2018 urged the Nigerian capital market authorities to lift the technical suspension placed on the shares of Oando Plc.
At a press briefing in Lagos, shareholders said the continued suspension of Oando shares was sending wrong signals to the global community about the seriousness of the Federal Government in attracting foreign direct investments to bolster the economy.
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