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Confusion Trails Lifting Of Oando Technical Suspension



There was uncertainty over the lifting of technical suspension placed on Oando’s shares at the Nigerian stock exchange yesterday.
The Nigerian Stock Exchange (NSE) earlier in the hour of yesterday lifted the technical suspension placed on Oando Plc shares.
However, there was speculation at the end of yesterday trading that the shares of Oando remain suspended.
There was no clarification made on this as the investing public still awaits NSE explanation. In a letter by the NSE to Oando on the lifting of technical suspension on trading in the Shares of Oando said, it states that, “We refer to all prior communication regarding the technical suspension of trading in the shares of Oando Plc implemented on the directive of the Securities and Exchange Commission (SEC) on October 23, 2017.”
It added that in further to the April 9, 2018 directive of the Commission, the Exchange lifted the technical suspension placed on Oando’s shares after the close of trading on April 10, 2018.
The letter stated that consequently, there will be no impediment to price movement in the shares of Oando when the market opens for yesterday, April 11, 2018.
Meanwhile, shareholders of the company appealed to President Muhammadu Buhari and the National Assembly to intervene in the interest of Nigerians and the larger economy. Under the aegis of Proactive Shareholders Association of Nigeria (PROSAN), Trusted Shareholders Association of Nigeria, Dedicated Shareholders, among others, they appealed to the President to intervene and “save Nigeria from further ridicule in the international community”.
Addressing journalists in Lagos, the shareholders advised President Buhari to intervene and stop the impression around the world “that corruption is alive in Nigeria”.
The group accused the current leadership of the Securities and Exchange Commission (SEC) “doing nothing concerning the Oando issue”.
The national coordinator, PROSAN, Taiwo Oderinde said, “contrary to the impression out there, the Forensic Audit is not on. They are only buying time. Poor and helpless Nigeria shareholders are suffering and dying with SEC doing nothing to help them.” He added, “The problem is SEC. They are not doing their job.
SEC’s report indicted Oando management. The management should be remove for the audit to take place. This is a management that has been in place for over 19 years. After the audit, if they are innocent, they will be restored to their position”. Speaking on behalf of Trusted Shareholders Association of Nigeria, Mukhtar Mukhtar said, “We have discovered that no forensic audit is going on. The agenda of SEC is very clear. They want to buy time.” He appealed to President Buhari, the National Assembly to help shareholders of the company recover their investment. Already, the shareholders have petitioned the House Committee on Capital Market and other Institutions, accusing the Securities and Exchange Commission (SEC) of shielding Oando Plc from probe.

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