NGX suspends Oando shares over failure to meet post-listing requirements

The Nigerian Exchange Limited (NGX) has suspended trading in the shares of Oando Plc for failure to submit its 2023 audited account. The exchange, in a notice to dealing members, said the suspension was aimed at enforcing rules and ensuring compliance in pursuant to the rules.

The exchange said the suspension of trading in the shares of the company is effective Thursday, noting that it would only be lifted upon the submission of the relevant accounts.

It added that the account must duly comply with all applicable rules of the exchange. Reacting on the development, shareholders of the company urged the board to desist from any act capable of reversing the positive sentiments and capital appreciation witnessed in the movement of the share price since the beginning of the year.

The shareholders noted that investment decisions on companies that fail to meet their post listing requirements are based on speculations, which is capable of eroding investors’ confidence.

President of Ibadanzone Shareholders Association, Eric Akinduro said: “Oando is into a lot of activities that may warant delay in preparation of financials. However it does not give positive signal to the investing community. I urge the board to do the needful and ensure such regulatory suspension is avoided.”

Head Equity, Planet Capital, Dr Paul Uzum said: “Oando has not filed its audited financial statement for last year 2023 as at today. It had promise that it will be published on Wenesday, but they still failed to file it. They also have not filled their 2024 Q1, Q2 and Q3 financial statements which have fallen due.”

Meanwhile, transactions on the floor of Nigerian Exchange (NGX) on sustained rising profile as market capitalisation rose further by N148 billion. At the close of trading, market capitalisation of listed equities increased by 0.25 per cent to N60.103 trillion from N59.955 trillion reported on Wednesday.