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Nairaland Forum / Nairaland / General / Business / Johannesburg Stock Exchange Suspends Trading On Oando Shares (4176 Views)
Deloitte Press Statement On Oando Forensic Audit / Oando Shares Audit, Court Stops Suspension / SEC Suspends Trading On Oando Shares Over Alleged Financial Mismanagement (2) (3) (4)
Johannesburg Stock Exchange Suspends Trading On Oando Shares by Nobody: 8:18am On Oct 23, 2017 |
The Johannesburg Stock Exchange (JSE) has suspended trading in shares belonging to Oando Plc following an exchange of correspondence between it and the Nigerian Stock Exchange (the primary Exchange on which Oando is listed). The suspension came after an order by Nigeria’s Securities and Exchange Commission, SEC, prompted the Nigerian Stock Exchange, NSE, to suspend the embattled company on Wednesday till the regulator concluded investigations on the company. According to a statement issued by JSE’s on Thursday, Oando’s listing was suspended following the review of subsequent correspondence received on October 18 from the Nigerian Stock Exchange and SEC. SEC said it made the following findings at the end of its investigation into the breach of the provisions of the Investments & Securities Act 2007. “The company has received communication from its primary listing, the Nigerian Stock Exchange (NSE), that the Securities and Exchange Commission (SEC) have issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied,” the JSE said in its notice. “The JSE has accordingly suspended trading of the Oando shares with effect from 9:00 am SA time, pending clarification following the review of subsequent correspondence received on October 18, 2017 from the NSE and SEC and will provide a full statement of the company’s position as soon as possible.” Recall that recently, a group of shareholders of Oando called for the removal of Wale Tinubu, the company’s Group Chief Executive Officer over allegations of gross misconduct leveled against the management of the oil firm Oando did not respond specifically to the JSE suspension on Thursday, but insisted that it had received a communication from the NSE suspending trading in its shares, as directed by SEC, and that it was reviewing the correspondence. The oil firm, however, said it would state its position as soon as possible as it was committed to acting in the interest of all shareholders. SOURCE: https://brandspurng.com/johannesburg-stock-exchange-suspends-trading-on-oando-shares/ |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by mgbadike81: 9:59am On Oct 23, 2017 |
election time is approaching and opposition party members owned businesses would be destroyed. 3 Likes |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by rodeo0070(m): 11:02am On Oct 24, 2017 |
Na real wa o |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by froz(m): 6:24am On Oct 25, 2017 |
This is serious |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by quiverfull(m): 7:24am On Oct 25, 2017 |
Is it just now that NSE is getting to know about the insider tradings? They all do it. Anyway, good move if you asked me. 1 Like |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by nextexcel: 7:26am On Oct 25, 2017 |
Abeg I have not been following the news lately, waiting tinubu do buhari? |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by PapaBaby: 7:27am On Oct 25, 2017 |
Bubu is flogging Tinubu left right and centre. Last time I heard about Tinubu he had run to london. 4 Likes |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Nobody: 7:30am On Oct 25, 2017 |
Hmmm |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by hezy4real01(m): 7:33am On Oct 25, 2017 |
Tinubu is another Mega business man..... EFCC no go reach those one place now ooo Yeye govt. 3 Likes 1 Share |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Nobody: 7:33am On Oct 25, 2017 |
This is. Systematic fighting of corruption 1 Like 1 Share |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by BakireBulmaker: 7:36am On Oct 25, 2017 |
Tinubu (Bola) has no interest in Oando! Ignorami everywhere. 6 Likes |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by wildchild02: 7:40am On Oct 25, 2017 |
Hmmmm Check my signature to order your football jerseys and get it customized FREE OF CHARGE! |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Nodogragra4me(m): 7:41am On Oct 25, 2017 |
mgbadike81: Shut your trap ... Oando Tinubu is nothing but a Yahoo boy in the corporate world. This has nothing to do with election or Buhari.... He became all cozy with the wife of the president in his bid to have an in road into the government but failed How can you have a liability that overruns your so called assets many times over and even deceived many high network Nigerians including Mr. Volpi into buying shares of a company you listed in clabar exchange as Oando parent company only for them to find out they have been duped or misled Mind you he went into Canada exchange without any proper scrunity but by buying up a small existing firm listed in the exchange and then renaming it Oando erh ... Wale Tinubu owns the firmmwith two of his friends ..Chief Tinubu has no interest in the business .... One now runs that fertilizer plant when he left the other two to continue with Oando 6 Likes |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Robbin7(m): 7:42am On Oct 25, 2017 |
2019 go sweet pass dis my smally wey dey rub my dick so puna o. |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by aloeman15(m): 7:51am On Oct 25, 2017 |
BakireBulmaker: Nodogragra4me: BakireBulmaker:you guys should educate yourselves, pls! 2 Likes |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by talk2percy(m): 7:55am On Oct 25, 2017 |
nextexcel:U never hear say him wan become king himself this time. He doesn't want to be kingmaker anymore and the thing dey fear buhari. |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by talk2percy(m): 7:59am On Oct 25, 2017 |
I see Buhari's hand in all these...he wants to give them(opposition) busy.... |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Nobody: 8:28am On Oct 25, 2017 |
Nigerians are so bitter,once you here tinubu,you think it has something to do with Bola Ahmed!!!!Frog eyes no get 1% shares in Oando!!! |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by dancewith: 8:34am On Oct 25, 2017 |
Wale Tinubu is a nephew to Bola Tinubu. Family business. Wale would never have been able to buy unipetrol which he renamed Ocean and Oil (Oando) if not for the patronage of Bola You would find that this can't be happening without Bola being a target. End of 2 Likes |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by patrick89(m): 8:36am On Oct 25, 2017 |
Nodogragra4me: You nailed it! but write it very well next time. 1 Like |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Marotzke(m): 10:24am On Oct 25, 2017 |
Jubril Adewale |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Obierika(m): 10:37am On Oct 25, 2017 |
BakireBulmaker: I wonder why people are associating him with the company just because he and the CEO share the same surname |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Dollabiz: 10:42am On Oct 25, 2017 |
Oh |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by Nodogragra4me(m): 10:46am On Oct 25, 2017 |
patrick89: Ok bro |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by gift01: 11:53am On Oct 25, 2017 |
This reminds me of Transcorp |
Re: Johannesburg Stock Exchange Suspends Trading On Oando Shares by axponline: 9:02pm On Oct 25, 2017 |
OandO is owner by Olawale Tinubu. Acquired via a leveraged buyout. (described below) A leveraged buyout (LBO) is the acquisition of another company using a significant amount of borrowed money to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. Initially owner by Olawale Tinubu and his friend Onajite Okoloko thus the OandO (Olawale and Onajite) Nothing to do with Bola Tinubu. i.e he used the assets of Unipetrol to borrow funds to buy Unipetrol or something like ..... genius right. |
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