NGX Regno Suspends Trading in Oando Shares Over Delayed Audited Account

NGX Regulation Limited (NGX RegCo), the regulatory arm of the Nigerian Exchange Group (NGX), has suspended trading in the shares of Oando Plc.

Oando Shares Trading Suspended

NGXRegCo announced the suspension in a notice issued by the Head of Issuer Regulation in the organization, Godstime Iwenekhai, and addressed to trading license holders on Thursday.

According to the statement, the suspension follows Oando’s inability to meet its regulatory obligations by filing its audited financial results within the required timeframe.

The Indigenous energy company had previously missed multiple deadlines it set for investors and the public to release the financial documents.

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Oando Trading Suspension Due To Incomplete Audited Financial Statements

The NGX confirmed that the suspension of trading in Oando’s shares would remain in effect until the company complies with the necessary filing requirements.

The notice read: “Trading in the shares of Oando Plc has been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Thursday, 24 October 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”

“Following the default filing rules set forth above, the suspension of trading in the shares of Oando Plc shall be lifted upon the submission of the relevant financial statements.”

The development comes seven months after the oil firm was suspended from the Johannesburg Stock Exchange (JSE) in South Africa.

On March 28, Oando said trading on its shares had been suspended by the JSE over its inability to meet the extended deadline to publish the 2022 audited year-end results.

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