Investors and shareholders were left confused on Wednesday after Oando’s shares were placed on technical suspension again after an announcement that it had been lifted.
The shares had been placed on technical suspension during a disagreement between shareholders and the company’s management.
A letter seen by TheCable showed that the Nigerian Stock Exchange had notified Ayotola Jagun, the company’s secretary, of the resumption of normal trading activities on Oando’s shares.
This was supposed to take effect from Wednesday, April 11.
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“We refer to all prior communication regarding the technical suspension of trading in the shares of Oando Plc (Oando) implemented on the directive of the Securities and Exchange Commission (commission) on 23 October 2017,” the letter from Tinuade Awe, NSE executive director, regulation, read.
“Please be informed that further to a 9 April 2018 directive of the commission, the exchange lifted the technical suspension placed on Oando’s shares after the close of trading today, 10 April 2018.
“Consequently, there will be no impediment to price movement in the shares of Oando when the market opens for trading tomorrow, 11 April 2018.”
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Within three hours of trading on Wednesday, Oando shares gained N1.00 in addition to the previous frozen price of N5.99. However, at the close of trading, the share price had returned to N5.99.
Deloitte is currently carrying out a forensic audit of the company under the instructions of SEC.
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