2019: SEC directs NSE to place Oando’s shares on technical suspension

The Securities and Ex­change Commission (SEC) has directed the Ni­gerian Stock Exchange (NSE) to place the shares of Oando Plc on technical suspension.

In a statement by the man­agement of the commission on Wednesday, they said that the company would be suspend­ed due to several complaints against it by shareholders in the capital market.

Technical suspension is the interruption of price movement in listed shares for a specified period of time.

Once the security is suspend­ed, shares of that security cannot be traded on the market until the suspension is lifted or lapses. The exact amount of time for the suspension will be determined on a case-by-case basis.

According to the statement, one EC Mangal and Ansbury Incorporated filed a case against Oando before the SEC.

It said that the commission carried out a comprehensive review of the petitions and found out the company alleg­edly breached the provisions of the Investments and Securities Act 2007.

It alleged that Oando breached the SEC’s Code of Corporate Governance for Pub­lic Companies and was also guilty of suspected insider deal­ing.

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