NGX suspends trading in Oando shares

NGX Regulation Limited (NGX RegCo), the regulatory arm of the Nigerian Exchange Group (NGX), has suspended trading in the shares of Oando Plc.

NGXRegCo announced the suspension in a notice issued by the Head of Issuer Regulation in the organisation, Godstime Iwenekhai, and addressed to trading licence holders.

The development comes seven months after the oil firm was suspended from the Johannesburg Stock Exchange (JSE) in South Africa.

On March 28, Oando said trading on its shares had been suspended by the JSE over its inability to meet the extended deadline to publish the 2022 audited year-end results.

In the latest development, NGX RegCo said the firm was suspended for failing to submit its audited financial statements for the year ended December 31, 2023.

The notice read, “Trading in the shares of Oando Plc has been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Thursday, 24 October 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”

“Following the default filing rules set forth above, the suspension of trading in the shares of Oando Plc shall be lifted upon the submission of the relevant financial statements.”