More trouble as Johannesburg Stock Exchange suspends Oando

The Johannesburg Stock Exchange (JSE) has suspended trading in shares belonging to Oando Plc.

According to a statement issued by JSE’s Sens service on Thursday, Oando’s listing was suspended following the review of subsequent correspondence received on October 18 from the Nigerian Stock Exchange and SEC.

On Wednesday, the Nigerian Stock Exchange said it followed the directive of the Securities Exchange Commission(NSE) to suspend trading till the regulator concluded investigations on the company.

SEC said it made the following findings at the end of its investigation into the breach of the provisions of the Investments & Securities Act 2007.

“The company has received communication from its primary listing, the Nigerian Stock Exchange (NSE), that the Securities and Exchange Commission (SEC) have issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied,” the JSE said in its notice.

“The JSE has accordingly suspended trading of the Oando shares with effect from 9:00 am SA time, pending clarification following the review of subsequent correspondence received on October 18, 2017 from the NSE and SEC and will provide a full statement of the company’s position as soon as possible.”

Two major shareholders of the company, Dahiru Mangal and Ansbury Inc, had submitted a petition to SEC demanding the postponement of the company’s annual general meeting and accused the management of gross abuse of corporate governance and financial mismanagement.

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