NGX Regulation Limited (NGX RegCo), the regulatory arm of the Nigerian Exchange Limited, don announce the suspension of trading in Oando Plc shares. This decision come after Oando fail to meet the financial reporting requirements.
The suspension, which take effect immediately, mean that investors no go fit buy or sell Oando shares on the stock exchange until further notice. NGX RegCo say the action necessary to protect investors and maintain market integrity.
Oando Plc, one of the major oil and gas companies in Nigeria, have been facing several challenges in recent times, including issues with financial reporting and corporate governance. The company need to resolve these issues and submit the required financial reports before trading can resume.
This development come at a time when NGX RegCo dey intensify efforts to ensure compliance with listing rules and regulations. The regulator say it will continue to monitor the situation and update the market as necessary.
