Oando wins order to lift trade freeze
LAGOS, October 25, 2017 – Nigerian independent Oando has won a court order lifting the Security and Exchange Commission’s (SEC) suspension on share trading and stopping its planned forensic audit, the company announced Tuesday.
Oando’s share price had been frozen at NGN 5.99 (USD 0.017) on Monday, following a 48-hour freeze on trading last week as the SEC said it was investigating insider trading allegations and alleged discrepancies in the ownership structure. The SEC has yet to comment on the court order, and the Nigerian Stock Exchange has said it is reviewing court processes to defend against the order.
“Oando is of the view that the SEC’s directives are illegal, invalid and calculated to prejudice the business of the company. The company being dissatisfied with the above mentioned actions and to safeguard the interests of the company and its shareholders immediately took steps to file an action against the SEC and the NSE [Nigerian Stock Exchange],” the company said in a statement.