Rather than abate, the problems bedeviling the Wale Tinubu-led Oando Plc seem to be escalating and causing the company’s shareholders to panic.
Recall that only weeks back, the company’s Annual General Meeting almost didn’t hold in Akwa Ibom State. Coupled with the fact that some aggrieved shareholders have been at loggerheads with Mr. Tinubu over his running of Oando.
Another big blow has just been dealt the embattled company by the Securities and Exchange Commission. According to a statement by SEC’s Head of Regulation, Tinuade Awe, on their website entitled: ‘Notification of Suspension of Trading in the Shares of Oando Plc.
Dealing Members are hereby notified that the Securities and Exchange Commission has directed The Nigerian Stock Exchange to suspend trading in the shares of Oando Plc as follows:
Effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, The Exchange
should implement a full suspension in the trading of the shares of Oando Plc
Effective from 20 October 2017 and until further directive, The Exchange should implement a technical
suspension in the shares of Oando Plc.
A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is
the interruption of price movement in a listed security for a period so that any dealings in the securities
which occurs during the period of the suspension will not result in any change in price, which change may
have occurred had the suspension not been implemented.
In the 48 hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter,
effective 20 October 2017, investors will be able to trade in Oando Plc’s shares but such trading will not
result in any movement in the price of the shares.’
Panic, expectedly, has since set in among Oando’s shareholders.