JSE suspends Oando’s shares
The Nigerian energy group says it failed to submit its earnings reports on time
The JSE has suspended the shares of Nigerian energy group Oando after it failed to submit its earnings reports on time, the company said on Tuesday.
The company, which has listings on both the Nigerian Exchange and the JSE, said it received a letter on March 27 from the JSE suspending the secondary listing of its securities due to its inability to meet the extended deadline to publish its 2022 audited year-end results and the interim results for 2023.
Oando had earlier unsuccessfully asked the JSE for a further extension to file the accounts and requested that it hold off its communicated intention to suspend Oando’s listing on the exchange.
“Consequently, investors cannot trade the shares of the company during this period on the JSE,” it said.
The 2022 accounts are scheduled to be approved by Oanda’s board on or before April 15 and will then be sent to the Financial Reporting Council of Nigeria for regulatory approval before being released to the market.
The interim results for 2023 would be released soon after the 2022 accounts are published, it said.
The company said it would keep the market abreast of any developments.