A directive from the Securities Exchange Commission has seen the shares by leading oil company in Nigeria, Oando being suspend in the stock market.
The Nigerian Stock Exchange on Wednesday has said that it has suspended trading in the shares of Oando Plc from October 20, 2017.
The NSE, in a statement on its website, signed by the Head of Regulation, Tinuade T. Awe, said it acted on the directive of the Securities Exchange Commission.
The statement reads, “Notification of Suspension of Trading in the Shares of Oando Plc.
“Dealing Members are hereby notified that the Securities and Exchange Commission has directed The Nigerian Stock Exchange to suspend trading in the shares of Oando Plc as follows:
“Effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, The Exchange should implement a full suspension in the trading of the shares of Oando Plc
”Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc.
“A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occurs during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.
“In the 48 hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter, effective 20 October 2017, investors will be able to trade in Oando Plc’s shares but such trading will not result in any movement in the price of the shares.”