The Nigerian Exchange (NGX) has lifted its suspension on trading in Oando Plc’s securities. This decision follows the company’s compliance with financial disclosure requirements, including the submission of its Audited Financial Statements for the year ending December 31, 2023, and Unaudited Financial Statements for the first and second quarters of 2024.
The trading suspension was initially imposed after Oando failed to submit its required financial statements within the designated “Cure Period,” as outlined in the NGX’s Default Filing Rules.
Under Rule 3.1 of these regulations, if a company does not file its accounts on time, the NGX issues a “Second Filing Deficiency Notification” and subsequently halts trading in the company’s shares.
The NGX also promptly informs the Securities and Exchange Commission (SEC) and the investing public of the suspension to ensure transparency.
Part of the statement reads, “Oando Plc has now filed its Audited Financial Statements for the year ended 31 December 2023 and Unaudited Financial Statements for the periods ended 31 March 2024 and 30 June 2024.
“In view of the Company’s submission of its financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.
“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”
Oando’s filing of the overdue financial statements triggered the provisions of Rule 3.3, which stipulates that trading may resume upon submission of the relevant accounts, provided the NGX finds the filings compliant with its standards.
After a thorough review, the NGX determined that Oando’s disclosures met the necessary regulatory requirements, enabling the reinstatement of trading in the company’s shares.
The announcement has been communicated to Trading License Holders, the SEC, and the broader investing community, marking the official resumption of trading in Oando Plc securities.
Investors can now engage in transactions involving Oando shares without restriction, bringing the company back into full regulatory compliance and restoring its access to market trading activities.