Oando reached a settlement with the Securities and Exchange
Commission (SEC) after the regulator ordered the removal of its management team
and suspended its annual meetings.
The stock was last up 9.73% at 3.61 naira. It peaked at 127
naira per share in 2008 on the Nigerian bourse, but tumbled amid continual
turmoil in recent years.
The gains helped lift the broader share index index up 1.67%
in late trades to a one-month high.
The index hit a low of 20,717 points in April 2020 after a
lockdown to slow the spread of the coronavirus disrupted the economy. It
recovered to 38,581.31 points in July, but is still off a January 2018 peak of
45,092.83 points.
With the settlement, Oando which has a dual listing in
Johannesburg, can audit its accounts and convene an annual meeting that was
suspended over two years ago.
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