Jude Diugwu
One of Nigeria’s biggest energy firms, Oando PLC, has been suspended from the Johannesburg Stock Exchange (JSE), as of March 27, 2024 due to the company’s failure to publish its audited financial results for the year 2022 and the interim results for 2023 within the deadlines extended by the exchange.
Oando is listed on both the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE).
In its notification to the public and its shareholders, Oando 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.
The suspension will likely raise questions about Oando’s adherence to financial reporting standards and its implications for investor confidence.
