BEVERLY HILLS, October 19, (THEWILL) – Barely a day after the Nigerian Stock Exchange, NSE, suspended trading on the shares of Oando Plc, the Nigerian oil company on Thursday suffered the same fate at the Johannesburg Stock Exchange, JSE.
Nigeria’s Securities and Exchange Commission, SEC, had prompted the NSE to suspend the embattled company on Wednesday, even as the latest suspension was effected based on a correspondence between the Nigerian bourse and its South African counterpart.
THEWILL recalls that some
aggrieved shareholders of Oando had attempted to disrupt its Annual General Meeting in Uyo, Akwa Ibom State over allegations of gross misconduct levelled against the management of the oil firm. They also called for the removal of Wale Tinubu as the company’s Group Chief Executive Officer.
In a notice issued on Thursday, JSE said, “the Company has received communication from its primary listing, 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 JSE has accordingly suspended trading of the Oando shares with effect from 09:00 a.m. SA time, pending clarification following the review of subsequent correspondence received on 18 October 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible.”