NGX Suspends Oando Shares Over Missed Financial Filing Deadline

| By Adejumo Adekunle –

The Nigerian Exchange Group’s regulatory body, NGX RegCo, has suspended trading in Oando PLC shares starting today. This action comes after the company failed to submit its 2023 Audited Financial Statements by the required deadline.

In a notice to trading license holders, Godstime Iwenekhai, Head of Issuer Regulation, stated that Oando’s inability to meet the deadline violated the NGX’s filing rules. The company had previously missed deadlines to publish its 2022 and 2023 financial results, leading to a similar suspension on the Johannesburg Stock Exchange, which was later lifted in June. Oando attributed the delay to its recent acquisition of Nigerian Agip Oil Company, finalized in August 2024.