The Nigerian Exchange (NGX) has removed the trading ban imposed on Oando Energy Plc shares following the publishing of its 2023 audited financial statement.
As per regulatory requirements, the energy business filed its audited financial statement to the Nigerian Exchange on November 1 after trading on its shares was halted.
NGX’s decision comes after the business submitted its Audited Financial Statements for the fiscal year ended December 31, 2023, as well as its Unaudited Financial Statements for the fiscal years ended March 31, 2024, and June 30, 2024.
The suspension, initially imposed in accordance with Rule 3.1 of the NGX’s Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), was a regulatory response to Oando’s delay in filing its required financial disclosures.
According to the Default Filing Rules, if an issuer does not submit relevant accounts by the end of the Cure Period, the NGX will Issue a Second Filing Deficiency Notification to the issuer within two business days following the Cure Period’s expiration.
Following Oando’s compliance with these disclosure requirements and under Rule 3.3 of the Default Filing Rules—which permits the lifting of a trading suspension once the Exchange verifies that the issuer’s accounts meet all applicable rules—the NGX has now restored trading access to Oando’s shares.
