BEVERLY HILLS, October 18, (THEWILL) – Oando Plc. says it is reviewing an order by the Security and Exchange Commission (SEC) ordering the suspension of trading of the shares of the company at the Nigerian Stock Exchange.
The NSE said SEC ordered the suspension following a comprehensive review of two petitions against the company by Alhaji Dahiru Barau Mangal and Ansbury Incorporated owned by Mr. Gabriele Volpi, who also co-owns INTELS, which led to the discovery of “Suspected insider Dealing; Related party transactions not conducted at arm’s length; Discrepancies in the shareholding structure of Oando Plc. Etc”.
SEC further said the suspension would enable it conduct a forensic audit into the affairs of Oando Plc led by Wale Tinubu and Mofe Boyo, who the petitioners want ousted from the company over allegations of financial mismanagement.
“The Company (“the Company” or “Oando”) has received communication from the Nigerian Stock Exchange (NSE) that the Securities and Exchange Commission (SEC) have issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied.
“The Company is currently reviewing subsequent correspondence received today October 18, 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible.
“The Company remains committed to act in the best interests of all its shareholders…” the embattled company said in an emailed statement to THEWILL.
The shares of Oando Plc. closed flat at N5.99 on Tuesday. The stock had hit a year high of N9.57 but sell pressures due to the controversy generated by the petitions have forced the price down.