P
ProfRem
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The Securities and Exchange Commission (SEC) has directed the Nigerian Stock Exchange (NSE) to suspend trading in the shares of indigenous energy firm, Oando Plc.
A statement on NSE’s website said the exchange is to implement a full suspension in the trading of the security, effective for 48 hours, beginning from today (Wednesday) till Friday.
According to the statement, NSE is to also implement a technical suspension in the shares of Oando from October 20, 2017.
SEC noted that subsequent trading after the technical suspension is introduced would result in no price movement of the shares.
Oando plc has in recent time been enmeshed in crisis which led to attempts made by some shareholders to disrupt its Annual General Meeting held recently in Uyo, Akwa Ibom State.
The AGM was reportedly disrupted for over ten minutes as the protesters chanted songs seeking the resignation of the company’s Group Chief Executive, Wale Tinubu.
The protesters, who stormed the venue under the aegis of “Oando Shareholders’ Solidarity Group,” said they were protesting in order to change the management of the company due to alleged gross mismanagement and abuse of corporate governance.
They also claimed that they had read several reports on the gross mismanagement of Oando by the present management of the company and called on Mr. Tinubu to step down and allow a competent hand to manage the affairs of the company.
A statement on NSE’s website said the exchange is to implement a full suspension in the trading of the security, effective for 48 hours, beginning from today (Wednesday) till Friday.
According to the statement, NSE is to also implement a technical suspension in the shares of Oando from October 20, 2017.
SEC noted that subsequent trading after the technical suspension is introduced would result in no price movement of the shares.
Oando plc has in recent time been enmeshed in crisis which led to attempts made by some shareholders to disrupt its Annual General Meeting held recently in Uyo, Akwa Ibom State.
The AGM was reportedly disrupted for over ten minutes as the protesters chanted songs seeking the resignation of the company’s Group Chief Executive, Wale Tinubu.
The protesters, who stormed the venue under the aegis of “Oando Shareholders’ Solidarity Group,” said they were protesting in order to change the management of the company due to alleged gross mismanagement and abuse of corporate governance.
They also claimed that they had read several reports on the gross mismanagement of Oando by the present management of the company and called on Mr. Tinubu to step down and allow a competent hand to manage the affairs of the company.
