Oando Plc, Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE Limited), has notified the public and its shareholders that it received a letter on March 27, 2024 from the JSE suspending the secondary listing of its securities.

This is due to inability to meet the extended deadline to publish its 2022 audited year-end results (the “2022 Accounts”) and the interim results for 2023.

Read also: NNPC pays N140.55bn for Oando-branded retail stations, jetty, others

The Company had earlier unsuccessfully appealed to the JSE seeking a further extension of time within which to file the relevant accounts and requesting that it hold off its communicated intention to suspend Oando’s listing on the Exchange.

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Consequently, investors cannot trade the shares of the company during this period on the JSE Limited.

Oando said the 2022 Accounts are scheduled to be approved by the Board of Oando Plc on
or before April 15 2024 and will thereafter be sent to the Financial Reporting Council of Nigeria for regulatory approval prior to its release to the market.

The interim results for 2023 will also be released to the market soon after the 2022 Accounts are published.

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By Iheanyi Nwachukwu • April 2, 2024

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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