NGX suspends trading in Oando shares over delay in submitting financials

NGX RegCo, the regulatory arm of the Nigerian Exchange Group has suspended trading in the shares of Oando Plc due to the company’s delay in submission of its financials.

The NGX RegCo said that the indigenous oil firm failed to submit its Audited Financial Statements for the year ended December 31, 2023.

This was disclosed in a notice on Thursday to trading licence holders signed by Godstime Iwenekhai, Head, Issuer Regulation Department.

Oando had blamed the delay on the recent acquisition of Nigerian Agip Oil Company as cause of the delayed filing of the financial.
This deal was completed on August 22, 2024.

Recall that the 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) had
failed to meet the deadline to publish its interim results for 2023 as of the time of the suspension.

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The Exchange noted the provisions of Rule 3.1 for Filing of Accounts and Treatment of Default Filing, (Default Filling Rules), which states that: ‘If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, will: a) Send to the Issuer a ‘Second Filing Deficiency Notification’ within two (2) business days after the end of the Cure Period: b) Suspend trading in the Issuer’s securities, and c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension,’ the NGX RegCo said, “Trading in the shares of Oando PLC has been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Thursday, 24 October 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”