After months of crisis, there is reprieve for Oando PLC as its shares rose from N5.90k to N6.60 in Thursday trading session at the Nigerian bourse, after the technical suspension was lifted fully by the Nigerian Stock Exchange.
About 6.4 million units of the shares of the Nigerian energy conglomerate were exchanged at a value of N42.7 million, according to the NSE.
Ayotola Jagun, Oando’s Chief Compliance Officer & Company Secretary, said the lifting of the technical suspension by the regulator is good news for the company and all its shareholders and will restore and boost investor confidence in the market.
The company meanwhile said it will file its audited accounts for 2017 in May approved by the company’s board on 10th April.
Controversy had dogged the return of the company’s shares from technical suspension, after the NSE first announcing the lifting of the suspension, said it got contradictory instruction from the Securities and Exchange Commission(SEC).
SEC had slammed technical suspension on the shares, following petitions by some shareholders on share ownership dispute, governance issues and litigations. SEC also ordered a forensic audit of the company.
SEC on 9 April wrote NSE to allow the firm to return to the market, with most of the issues having been resolved.
.Please subscribe to our newsletter