Oando Drops 7% as Regulator Delays Financial Report Approval
Oando Plc lost 7.01% of its market value on the Nigerian Exchange (NGX) as sell pressure persisted, dragging the oil and gas index lower by 0.24%.
The company is trading at about a 41% discount to its 52-week high on the local bourse due to persistent selling pressure and buy-and-hold scarcity.
Investors’ sentiment is at the low-low in the absence of the group’s earnings scorecard for 2025 and the first quarter of 2026.
The oil stock has seen significant fluctuations in the market since the beginning of the year due to downbeat investor sentiment on Oando’s earnings outlook.
Trading data from the Nigerian Exchange showed that Oando’s share price declined to N37.15, as 4.540 million units of the oil company’s outstanding shares, valued at N169.966 million, were traded in the market.
The transactions were led by sell-side investors seeking to exit positions. This increased its four-day loss to 8%. The market value of Oando Plc.’s 12.431 billion outstanding shares sank to N461.826 billion, reflecting significant volatility.
Oando has been unable to meet its regulatory requirement to announce its earnings report on the Exchange in a timely manner.
Last month, Oando told the Nigerian Exchange and its shareholders that the Company’s 2025 Audited Financial Statements, submitted to the Financial Reporting Council of Nigeria (FRCN) for regulatory review, are still under review.
Oando said it continues to engage actively with the FRCN and other relevant regulatory authorities in connection with the review process and is awaiting the completion of all requisite regulatory clearances.
Upon completion of the regulatory review process and receipt of the necessary approvals, the Company will proceed with publishing its 2025 Audited Financial Statements
