The Director General of SEC Nigeria recently spoke on Arise Television, shedding light on key updates in the Investment and Securities Act (ISA) 2025 | Enroll Now: Training Opportunities at The Nigerian Capital Market Institute (NCMI)! | In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Secu | The Director General of SEC Nigeria recently spoke on Arise Television, shedding light on key updates in the Investment and Securities Act (ISA) 2025 | Enroll Now: Training Opportunities at The Nigerian Capital Market Institute (NCMI)! | In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Secu |

Lifting of Technical Suspension on OANDO Shares

Shares of Oando Nigeria Plc were placed on technical suspension in October 2017 upon the announcement of forensic audit which aimed to protect investors as a short term measure. Suspensions are typically intended for short periods to ensure market stability and thereafter lifted to allow market dictates.

However, the suspension of the shares of Oando Nigeria Plc was prolonged due to several litigations by Oando and other shareholders contesting the propriety of the forensic audit and technical suspension.  All litigations have now been withdrawn. The independent forensic audit by Deloitte is ongoing and the preliminary report is expected.

Accordingly, the SEC directed NSE to lift the technical suspension and allow market determination of the share price.

The Commission acted in the interest of the shareholders and will continue to protect the interest of all the investors and other stakeholders in the capital market. 

SEC will update relevant stakeholders on the outcome of the forensic audit.

Signed

Management

Securities and Exchange Commission, Nigeria

April 11, 2018

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