Nigerian energy company, Oando Plc , which is listed on both the Nigerian Stock Exchange and the Johannesburg Stock Exchange, has been suspended from trading on the JSE as of March 27, 2024. The company failed to meet the deadlines for submitting its audited financial results for 2022 and its interim results for 2023, leading to the JSEs decision to suspend trading of its shares.
The company, in its notification to the public and its shareholders, disclosed that it had sought an additional extension from the JSE to submit the required financial documents.
However, the request was denied, leading to the suspension of its securities trading on the exchange. This action prevents investors from engaging in transactions involving Oando's shares on the JSE until the company complies with the listing requirements.
Meanwhile, Oando has communicated that its board is expected to approve the 2022 financial accounts by 15 April 2024. Following this approval, the accounts will be submitted to the Financial Reporting Council of Nigeria for regulatory approval before being released to the market.
