NSE reveals why OANDO shares were suspended

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The Nigerian Stock Exchange, NSE, has finally explained why the suspension of trading in the shares of Oando plc for two days occurred.

NSE said it was acting based on the directive of the Securities and Exchange Commission, SEC to suspend the shares of OANDO.

News had it earlier that SEC on Wednesday morning directed the full suspension on trading in the shares of the oil firm following petitions forwarded to it by aggrieved stakeholders.

According to PremiumTimes, Tinuade Awe, General Counsel and Head of Regulation at the NSE, said the full suspension is effective for 48 hours from Wednesday to Friday, after which it would commence a technical suspension until further directive is given.

In a statement, he said “a technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur 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.”

For the 48 hour period commencing Wednesday, there will be no trading in the shares of Oando Plc, says NCE.

However, from Friday, 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.

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