24 October 2017

Nigeria: Oando Shares Resume Trading on NSE Amidst Suspension

Photo: Premium Times
Nigerian oil company, Oando.

Amidst the technical suspension of Oando shares on the trading floor of the Nigerian Stock Exchange, the NSE has informed that trading would still continue on Oando shares.

In a notice signed by the general counsel, head of regulation at the NSE, Tinuade Awe, it said shareholders can now trade their shares but the trading activity will not lead to a change in price.

“Dealing members are referred to our market bulletins of Wednesday, October 18, 2017 (NSE/LARD/LRD/MB05/17/10/18) notifying them that effective Friday, October 20, 2017 and until further directive, the shares of Oando Plc (“Oando” or “the company”) will be placed on technical suspension; and that of Friday, October 20, 2017 (NSE/LARD/LRD/MB07/17/10/20) informing them that the shares of Oando were still on full suspension as the process of converting from full to technical suspension was yet to be completed” the statement reads.

“Please be informed that effective today, Monday, October 23, 2017; the shares of Oando Plc have been placed on technical suspension. Thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists.”

The regulator had suspended the company’s shares on Wednesday following a request from the Securities Exchange Commission (SEC).

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