Johannesburg Stock Exchange suspends Oando Plc

The Johannesburg Stock Exchange has suspended Oando PLC on its listings as of 27 March 2024.

Oando, a prominent Nigerian energy company also listed on the Nigerian Exchange Limited (NGX) was suspended due to the company’s failure to publish its audited financial results for the year 2022 and the interim results for 2023 within the deadlines extended by the exchange.

The company, in its notification to the public and its shareholders, disclosed that it had sought an additional extension from the JSE to submit the required financial documents.

However, the request was denied, leading to the suspension of its securities trading on the exchange. This action prevents investors from engaging in transactions involving Oando’s shares on the JSE until the company complies with the listing requirements.

Oando has however communicated that its board is expected to approve the 2022 financial accounts by 15 April 2024. Following this approval, the accounts will be submitted to the Financial Reporting Council of Nigeria for regulatory approval before being released to the market.

The company also anticipates releasing its interim results for 2023 shortly after the publication of the 2022 accounts.

Oando however pledged to provide updates to the market and its shareholders as new information becomes available and as it works to address the current suspension. The situation underscores the importance of timely financial reporting and transparency in the corporate governance of publicly traded companies.