Trading in Nigerian oil company Oando’s shares was halted on both the Lagos and Johannesburg stock exchanges on Thursday morning following an order by Nigeria’s Securities and Exchange Commission (SEC). A statement was issued via the JSE’s Sens service on Thursday morning saying Oando’s listing had been suspended "pending clarification following the review of subsequent correspondence received on October 18 from the Nigerian Stock Exchange and SEC". Oando said it would "provide a full statement of the company’s position as soon as possible". On July 14, Oando released a statement saying: "Our attention has been drawn to a report released by Channels TV stating that Oando is ‘under a comprehensive investigation by the Securities and Exchange Commission following petitions filed by some foreign investors in Oando regarding its shareholding structure following the $1.65bn cash that Oando paid in June 2014 to acquire the oil production assets of Conoco-Phillips in Nigeria’." Oando said ...
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