Trading of Oando Plc (NGX: OANDO) has been suspended on the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Thursday, 24 October 2024, by NGX RegCo, the regulatory arm of the Exchange.
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The suspension disclosed in a notice on Thursday to trading licence holders was due to the company’s delay in submission of its financial statement for the year ended 31 December, 2023.
In a regulatory filing in July, Oando committed to finalizing the audit of its 2023 Annual Financial Statements by August 31, 2024.
The indigenous oil firm has since blamed the delay on the completion and filing of the report on the recent acquisition of Nigerian Agip Oil Company.
Oando in August, completed the $783 million acquisition of Nigerian Agip Oil Company (NAOC), a unit of Italy’s oil supermajor Eni.
Johannesburg Stock Exchange (JSE) had in March suspended trading in Oando shares due to its inability to meet the extended deadline to publish its 2022 audited year-end results. It was later lifted in June.
Oando, which is listed both on the NGX and Johannesburg Stock Exchange (JSE).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
