From the Field
Oando trading resumes
LAGOS, April 12, 2018 – Trading of Oando shares resumed Wednesday after a six-month freeze ordered by the Nigerian Securities and Exchange Commission (SEC).
Trading resumed at NGN 6.30 (USD 0.017), up from NGN 5.99 (USD 0.016) before the freeze. The suspension was reinstated Wednesday due to another order from the SEC, but the Lagos stock exchange said it had been resolved and trading would resume Thursday.
The company said its board of directors had approved the 2017 audited financial statements on Tuesday and would file them by the second week of May.
In July 2017, the SEC opened an investigation into the company’s financial statements based on allegations from foreign investors about the shareholding structure after the company acquired assets from ConocoPhillips in 2014. In March 2018, the SEC asked Deloitte to do a forensic audit of Oando to investigate the complaints of a shareholder. The audit had twice been suspended previously due to lawsuits.
- From the field