Investor Nigeria
  • Home
  • Business
  • Crytocurrency
  • Investment
  • Politics
  • Energy
  • Science
  • Tech
Investor Nigeria
  • Home
  • Business
  • Crytocurrency
  • Investment
  • Politics
  • Energy
  • Science
  • Tech
No Result
View All Result
Investor Nigeria
No Result
View All Result

SEC suspends Oando shares from inventory market

admin by admin
July 9, 2021
in Investment
0
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter


The Securities and Change Fee has ordered the Nigerian Inventory Change to droop buying and selling on the shares of Oando Plc.

The fee stated in a round yesterday it had carried out a complete evaluate of the petitions by Alhaji Dahiru Barau Mangal and Ansbury Included and made the next findings amongst others; Breach of the provisions of the Investments and Securities Act 2007; Breach of the SEC Code of Company Governance for Public Corporations; Suspected insider dealing; Associated social gathering transactions not carried out at arm’s size; and Discrepancies within the shareholding construction of Oando Plc. and many others.

“The fee’s major function as apex regulator of the Nigerian capital market is to control the market and shield the investing public. The fee notes that the above findings are weighty and due to this fact must be additional investigated.

“After due consideration, the fee believes that it’s essential to conduct a forensic audit into the affairs of Oando Plc. That is pursuant to the statutory duties of the fee as supplied in Part 13(ok), (n), (r) and (aa) of the ISA 2017,” the round learn partially.

In line with SEC, to make sure the independence and transparency of the train, the forensic audit shall be carried out by a consortium of specialists made up of auditors, attorneys, stockbrokers and registrars.

“To additional make sure that the pursuits of all shareholders of Oando Plc are preserved in the course of the course of the train, the fee directed the Nigerian Inventory Change to put the shares of Oando Plc on technical suspension,” it additional added.

Nonetheless, in view of the truth that it’s not technologically possible for the trade to impact a technical suspension besides after 48 hours, it directed as follows;

“Efficient for 48 hours from at present, 18 October 2017 to twenty October 2017, the Nigerian Inventory Change ought to implement a full suspension within the buying and selling of the shares of Oando Plc; and Efficient from 20 October 2017 and till additional directive, the trade ought to implement a technical suspension within the shares of Oando Plc.”

Exterior auditors of Oando Plc reported sturdy, uncertain concern on the group’s annual monetary assertion. The group has detrimental working capital of over N263bn with present liabilities exceeding present belongings.

Oando closed the 12 months 2016 with constant lack of over N768bn; considerably worse than the year-end 2015. The web loss for the 12 months from persevering with operations in 2016 quantities to N25.8bn as reported within the annual audited monetary assertion.

[Daily Trust]



Previous Post

Fossil gas demand to by 25% by 2040 – OPEC

Next Post

Reps ask NPA to reverse termination of settlement with Intels

Next Post

Reps ask NPA to reverse termination of settlement with Intels

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Category

  • Business
  • Crytocurrency
  • Energy
  • Investment
  • Politics
  • Science
  • Tech

Advertise

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis. Learn more

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Follow Us

Recent News

Subscribe – Businessday NG

March 26, 2022

Subscribe – Businessday NG

March 26, 2022
  • About Us
  • Contact
  • EULA Policy
  • Privacy Policy
  • Terms and Conditons
  • Disclaimer

© 2021 Investor Nigeria - All rights reserved by Investor Nigeria.

No Result
View All Result
  • Home
  • Business
  • Crytocurrency
  • Investment
  • Politics
  • Energy
  • Science
  • Tech

© 2021 Investor Nigeria - All rights reserved by Investor Nigeria.