The Nigerian Exchange Limited (NGX) on thutsday announced suspension on the sharw of Oanfo Plc.

According to a statement signed by Godstime Iwenekhai, Head, Issuer Regulation Department,  “Trading License Holders and the investing public are hereby informed that, in accordance with Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), the shares of Oando Plc have been suspended from trading on Nigerian Exchange Limited (NGX or The Exchange) effective Thursday, 24 October 2024”.

This suspension is due to Oando Plc’s failure to file its Audited Financial Statements for the year ended 31 December 2023 within the stipulated period.

According to the Default Filing Rules, when an issuer fails to submit the required accounts by the end of the Cure Period, The Exchange will:
a) Issue a Second Filing Deficiency Notification to the issuer within two (2) business days;
b) Suspend trading in the issuer’s securities; and
c) Notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

The suspension of trading in the shares of Oando Plc will be lifted upon submission of the required financial statements.