NSE lifts suspension on Oando’s shares again, blames SEC for confusion

The Nigerian Stock Exchange (NSE) has lifted the technical suspension on Oando’s shares for the second time in 48 hours.

In a statement released on Wednesday, NSE said the instructions from the Securities and Exchange Commission was the root of the confusion.

According to the statement, NSE received notification from the commission to lift the suspension on Oando shares only to receive counter instruction that the shares be suspended again.

It said normal trading activities will resume on Oando shares on Thursday.

“By a letter dated 9 April 2018 from the Securities and Exchange Commission (“commission”), The exchange was directed to lift the technical suspension placed on the trading of Oando’s shares,” the statement read.

“In compliance with the commission’s directive, the exchange by a letter dated 10 April 2018, informed the commission that it will lift the technical suspension placed on the shares of Oando effective 11 April 2018. This action was duly effected and trading commenced without any impediment to price movement in the morning of 11 April 2018.

“Subsequent to the lifting of the technical suspension, on 11 April 2018, the exchange received another communication from the commission to maintain the status quo prior to the commission’s letter of 9 April 2018, i.e., the technical suspension of trading in Oando’s shares.

“In order to ensure compliance with the commission’s further communication notwithstanding the fact that the exchange’s systems cannot implement a technical suspension intraday, the exchange suspended trading in Oando’s shares. The exchange regrets any inconvenience that may have arisen due to the foregoing.”