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/

election time is approaching and opposition party members owned businesses would be destroyed.

Na real wa o

This is serious

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.

Abeg I have not been following the news lately, waiting tinubu do buhari?

Bubu is flogging Tinubu left right and centre.
Last time I heard about Tinubu he had run to london.

Hmmm

Tinubu is another Mega business man..... EFCC no go reach those one place now ooo Yeye govt.

This is. Systematic fighting of corruption

Tinubu (Bola) has no interest in Oando!

Ignorami everywhere.

Hmmmm

Check my signature to order your football jerseys and get it customized FREE OF CHARGE!

mgbadike81:
election time is approaching and opposition party members owned businesses would be destroyed.

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

2019 go sweet pass dis my smally wey dey rub my dick so puna o.

BakireBulmaker:
Tinubu (Bola) has no interest in Oando!

Ignorami everywhere.

Nodogragra4me:



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

BakireBulmaker:
Tinubu (Bola) has no interest in Oando!

Ignorami everywhere.

you guys should educate yourselves, pls!

nextexcel:
Abeg I have not been following the news lately, waiting tinubu do buhari?

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.

I see Buhari's hand in all these...he wants to give them(opposition) busy....

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!!!

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

Nodogragra4me:



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

You nailed it! but write it very well next time.

Jubril Adewale

BakireBulmaker:
Tinubu (Bola) has no interest in Oando!

Ignorami everywhere.

I wonder why people are associating him with the company just because he and the CEO share the same surname

Oh

patrick89:


You nailed it! but write it very well next time.

Ok bro

This reminds me of Transcorp

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.