NGX RegCo lifts suspension on trading of Oando’s shares

NGX Regulation Limited (NGX RegCo), the regulatory division of the Nigerian Exchange Group (NGX), has lifted the suspension on trading in the shares of Oando Plc.

In a notice signed by Godstime Iwenekhai, head of the issuer regulation department at NGX, the regulator said the suspension was lifted on Monday.

The development follows the suspension imposed on Oando on October 24 due to the company’s failure to submit its audited financial statements (AFS) for the year ending, December 31, 2023.

In response to the suspension the following day, Oando said the delay in releasing its 2023 audited financial statements was due to its deal with the Nigerian Agip Oil Company (NAOC).

According to the regulator, Oando Plc has now submitted its AFS for the year ending December 31, 2023, as well as its unaudited financial statements for the periods ending March 31, 2024 and June 30, 2024.

“We refer to our Market Bulletin dated 24 October 2024 with Reference Number: NGXREG/IRD/ MB79/24/10/24 wherein we notified Trading License Holders and the investing public of the suspension in the trading on the securities of Oando Plc (the Company) in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), which provides that: if an Issuer fails to file the relevant accounts by the expiration of the Cure Period,” the statement reads.

“The Exchange will: a) send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; b) suspend trading in the Issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension.

“Oando Plc has now filed its Audited Financial Statements for the year ended 31 December 2023 and Unaudited Financial Statements for the periods ended 31 March 2024 and 30 June 2024.

“In view of the Company’s submission of its financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted.”

Oando crossed the N1 trillion market capitalisation threshold at the close of trading on September 2 — two weeks after the company completed the acquisition of a 100 percent shareholding interest in the Nigerian Agip Oil Company from Eni, an Italian oil major.