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    SEC lifts suspension on Oando shares

    Chronicle EditorBy Chronicle EditorApril 11, 2018No Comments2 Mins Read
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    SEC has lifted the suspension on Oando shares
    Facebook Twitter WhatsApp
    SEC has lifted the suspension on Oando shares

    Nigeria Stock Exchange lifted a suspension on the trading of shares in oil company Oando on Wednesday, following a directive from the Securities and Exchange Commission (SEC), the stock exchange said.

    Trading on Oando shares had been frozen for six months on the Lagos stock exchanges after the regulator ordered the suspension to probe alleged insider trading and the oil company’s shareholding structure.



    The shares resumed trade at 6.30 naira, after last closing at 5.99 naira six months ago.

    The stock exchange notified Oando on the lifting via a letter. It did not provide any reason.

    In October, SEC said it received two petitions about financial mismanagement by Oando that alleged that related party transactions were not conducted at arm’s length and that there were discrepancies in its ownership structure.

    READ: Goje exposed, as 548 N-Power beneficiaries come from his constituency

    The SEC has said a team of auditors, lawyers, stockbrokers and share registrars would conduct a forensic audit on Oando to ensure independence.

    Accountancy firm Deloitte has been appointed to handle the audit.

    In January, the company said it has settled a squabble with a key shareholder and was working on resolving remaining shareholder disputes and getting a suspension of its shares lifted.

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    Jane Ufot accuses Governor Umo Eno of ritual sacrifice in viral video

    ‘My family intact’, Eno reacts to daughter’s allegations of killing Akwa Ibom first lady

    June 1, 2025
    SERAP sues NNPCL over missing N500bn crude oil revenue

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    Tinubu calls Chagoury ‘my partner in daring’

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    Reps propose seven-year jail term for workplace bribery

    June 1, 2025
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