Nigerian oil company, Oando has suffered a fresh setback as the Johannesburg Stock Exchange (JSE) joined the Nigerian Stock Exchange, in suspending trading on its stock.
JSE in a statement said, Oando’s listing was suspended following review of correspondence received on October 18 from the Nigeria stock Exchange, and the Securities and Exchange Commission (SEC).
Last Wednesday, the Nigerian Stock Exchange said it followed the directive of SEC to suspend trading in Oando’s shares, until the regulator concluded investigations on the company.
SEC had revealed that it took the action following findings at the end of its investigation, into the breach of the Provisions of the Investments & Securities Act 2007.
Justifying its action, the South African-based Exchange was quoted to have said, “The company has received communication from its primary listing, the Nigerian Stock Exchange, that the Securities and Exchange Commission has issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied.
“The JSE has accordingly suspended trading of the Oando shares with effect from 09:00am SA time, pending clarification following the review of subsequent correspondence received on October 18, 2017 from the NSE and SEC and will provide a full statement of the company’s position as soon as possible.”