SEC Lifts Suspension Order on Oando Shares

The suspension order placed on Oando shares have been lifted on the orders of the Securities and Exchange Commission(SEC).
The lift order was contained in a statement directed by the management of SEC and made available to Economic Confidential in Abuja.
Share of Oando Plc were placed on technical suspension in October 2017 upon the announcement of forensic audit which aimed to protect investors as a short-term measure.
The statement noted that Suspensions are typically intended for a short period to ensure market stability and thereafter lifted to allow market dictates.
However, the suspension of the shares of Oando plc was prolonged due to several litigations by Oando and other shareholders contesting the propriety of the forensic audit and technical suspension. All
Litigations have now been withdrawn, the independent forensic audit by Deloitte is ongoing and the primary result is expected.
Accordingly, the SEC directed the NSE to lift the technical suspension and allow market determination of the share price.
The statement further said the Commission acted in the interest of shareholders and would continue to protect the interest of all the investors and other shareholders in the capital market.
“SEC will update relevant stakeholders on the outcome of the forensic audit”, it said