SEC orders NSE to lift Oando’s technical suspension


The Securities and Exchange Commission (SEC) has ordered the Nigerian Stock Exchange (NSE) to lift suspension placed on Oando Plc shares since October, 2017.

The commission late Tuesday directed NSE to lift the technical suspension placed on the shares of Oando.

Further to the SEC memo the NSE has complied with the directive effective today, 11 April 2018.

NSE however said, there is no longer any impediment to price movement in Oando shares.

SEC initiated a forensic audit of Oanso Plc based on the petitions received from the shareholders of the company.
Commenting on the development, a shareholder of the company, Mikail Shehu Malam expressed a disappointment over the lifting of technical suspension placed on shares of Oando says, the decision is not in good faith.
He said, the forensic audit is still ongoing and tgere is no justification for the decision when auditors have not concluded their work.
He however urged the SEC not to compromise the outcome of the auditors due to negative effects it will has on capital market.