Godstime Iwenekhai, the head of the issuer regulation department at NGX, communicated this suspension in a notice to trading license holders on Thursday.
This action follows a similar suspension of the oil company in South Africa seven months ago.
On March 28, Oando disclosed that its shares were suspended on the Johannesburg Stock Exchange (JSE) due to its failure to meet the extended deadline for publishing its 2022 audited year-end financial results.
In the most recent update, NGX RegCo stated that the suspension is due to Oando's failure to submit its audited financial statements for the fiscal year ending December 31, 2023.
“Trading License Holders and the investing public are hereby informed that in accordance with Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), which stipulates that: ‘If an Issuer fails to file the relevant accounts by the expiration of the Cure Period,’ the notice continues.
“The Exchange will: a) Issue a ‘Second Filing Deficiency Notification’ to the Issuer within two (2) business days following the end of the Cure Period; b) Suspend trading in the Issuer’s securities; and c) Inform the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension.”
Trading in Oando Plc shares has been suspended on the Nigerian Exchange Limited (NGX or The Exchange) as of today, Thursday, 24 October 2024, due to the company's failure to submit its Audited Financial Statements for the fiscal year ending 31 December 2023.
The regulatory body stated that, in line with the established default filing regulations, the suspension will be lifted once the necessary financial statements are provided.
In September, Oando's market capitalization surpassed N1 trillion at the close of trading on September 2, just two weeks after the company finalized its acquisition of a 100 percent stake in the Nigerian Agip Oil Company (NAOC) from the Italian oil giant Eni.