Nigerian Exchange Lifts Suspension on Oando Energy
The Nigerian Exchange (NGX) has lifted the trading suspension that was placed on shares of Oando Energy Plc following compliance with the publication of its 2023 audited financial statement.
As part of regulatory demand, the energy company submitted its audited financial statement to the Nigerian Exchange on Nov. 1 after trading activities on its shares was suspended.
NGX decision follows the company’s submission of its Audited Financial Statements for the year ended 31 December 2023, alongside its Unaudited Financial Statements for the periods ending 31 March 2024 and 30 June 2024.
The suspension, initially imposed in accordance with Rule 3.1 of the NGX’s Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), was a regulatory response to Oando’s delay in filing its required financial disclosures.
According to the Default Filing Rules, if an issuer does not submit relevant accounts by the end of the Cure Period, the NGX will Issue a Second Filing Deficiency Notification to the issuer within two business days following the Cure Period’s expiration.
Following Oando’s compliance with these disclosure requirements and under Rule 3.3 of the Default Filing Rules—which permits the lifting of a trading suspension once the Exchange verifies that the issuer’s accounts meet all applicable rules—the NGX has now restored trading access to Oando’s shares FX Stability: CBN Sells 122.671m Dollars to 46 Authorised Dealers
