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Delayed Results: Johannesburg Stock Exchange Suspends Oando Plc
Yinka Olajoyetan, Lagos
Oando PLC, a prominent Nigerian energy company listed on both the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), has been suspended from the JSE as of 27 March 2024 due to the company’s failure to publish its audited financial results for the year 2022 and the interim results for 2023 within the deadlines extended by the exchange.
The company, in its notification to the public and its shareholders, disclosed that it had sought an additional extension from the JSE to submit the required financial documents.
However, the request was denied, leading to the suspension of its securities trading on the exchange. This action prevents investors from engaging in transactions involving Oando’s shares on the JSE until the company complies with the listing requirements.
The suspension will likely raise questions about Oando’s adherence to financial reporting standards and its implications for investor confidence.
Oando PLC, a prominent player in Nigeria’s energy sector, has encountered significant delays in publishing its audited financial results for the year 2022 and the interim results for 2023