Oando PLC, a prominent Nigerian energy company listed on both the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), has been suspended from the JSE as of 27 March 2024.
The suspension was enacted due to the company’s failure to publish its audited financial results for the year 2022 and the interim results for 2023 within the deadlines extended by the exchange.
The company, in its notification to the public and its shareholders, disclosed that it had sought an additional extension from the JSE to submit the required financial documents.
However, the request was denied, leading to the suspension of its securities trading on the exchange. This action prevents investors from engaging in transactions involving Oando’s shares on the JSE until the company complies with the listing requirements.
Oando has communicated that its board is expected to approve the 2022 financial accounts by 15 April 2024. Following this approval, the accounts will be submitted to the Financial Reporting Council of Nigeria for regulatory approval before being released to the market.
Oando PLC, a prominent player in Nigeria’s energy sector, has encountered significant delays in publishing its audited financial results for the year 2022 and the interim results for 2023.