Nigerian Exchange Lifts Suspension on Oando Energy Shares
The Nigerian Exchange (NGX) has lifted the suspension on Oando Energy Plc’s shares after the company met regulatory requirements by publishing its 2023 audited financial statement.
Following the temporary suspension, which was imposed due to delays in financial disclosures, Oando submitted its audited financial results for the year ending 31 December 2023 to the Exchange on November 1. The company also provided unaudited statements for the quarters ending 31 March 2024 and 30 June 2024.
The NGX initially suspended Oando’s shares in line with Rule 3.1 of its Default Filing Rules, which mandates such actions when a company fails to file required financial statements on time. According to the Default Filing Rules, if an issuer does not submit relevant accounts by the end of the Cure Period, the NGX issues a Second Filing Deficiency Notification to the issuer within two business days following the Cure Period’s expiration.
Following Oando’s compliance with these disclosure requirements, the NGX invoked Rule 3.3 of the Default Filing Rules, which permits lifting a suspension once an issuer’s accounts meet all required standards.
Oando’s compliance now grants it full trading access, marking a return to normalcy for shareholders on the Exchange. Poverty Looms Like a Time Bomb, Lagos Archbishop Warns
