Investors and other stakeholders in the Nigerian capital markets have been left askance as the Nigerian Stock Exchange (NSE) has again placed Oando Plc shares on suspension The exchange had earlier today removed the suspension which had been in place since October last year.
The company’s share are back on partial technical suspension. This means it would be allowed to trade, but with no change in price.
What price did Oando close ?
Prominent investment houses have yanked off Oando trades from their daily price list, but data from Bloomberg shows the stock opened at N6.30 and closed at N6.00. 8.2 million shares were traded.
Oando has been in the midst of a storm since July last year following a petition to the SEC in July last year by two aggrieved shareholders Gabriel Volpi and Dahiru Mangal. The duo accused Oando’s senior management led by Wale Tinubu and Mofe Boyo of mismanagement, a charge they denied. Mangal has since withdrawn his petition following mediation by Emir of Kano, Sanusi Lamido Sanusi. He has also nominated Alhaji Bukar Aji as his representative on the board.
In response to the petition, the Securities and Exchange Commission instituted a forensic audit following their initial findings. Oando, filed several cases in court to prevent the audit from taking place. The suits were however struck out, and the company has since signified its willingness to cooperate.
Director General of the Securities and Exchange Commission Munir Gwarzo has alleged he was placed on suspension by Minister of Finance Kemi Adeosun, for his refusal to halt the audit. She has however vehemently denied this.