Nigerian Stock Exchange sanctions Oando over poor results

The Nigerian Stock Exchange (NSE) said it has sanctioned Oando plc for the violation of its post-listing obligations , while expressing concern over the poor full year financial results posted by the energy firm.

Wale Tinubu

"Oando has been sanctioned for violations of its post-listing obligations in accordance with applicable Rules of The Exchange," the exchange said in a statement late Tuesday.

But the local bourse didnot disclosed the nature of the sanction imposed on the oil firm, which recorded huge full year loss on its last year's account.

The exchange also noted that it has reported Oando to the Securities and Exchange Commission (SEC).

 “The Exchange is greatly concerned about the delayed filings and the significant losses which were posted for the 2014 fiscal year and the first three quarters of 2015,” the NSE said in a statement.  

The local bourse noted that Oando filed its 2014 Annual Financial statement (AFS) as well as its Q1 and H1 2015 interim unaudited accounts with The Exchange on Oct 23.

“ Oando's filing of its AFS and interim accounts followed several engagements with The Exchange both before and after the due dates for these filings.  As part of the engagements, The Exchange directed that Oando’s top Management should discuss the delay with the Dealing Clerks on the trading floor of The Exchange on 23 October 2015.

 “Oando made the filings just before the meeting, during the interaction with Dealing Clerks, the CEO of Oando, Mr. Wale Tinubu, committed to holding a Facts Behind the Figures (FBF) session on Monday, 26 October 2015 at The Exchange. The FBF held as scheduled, with atten​dance from the media, representatives of shareholders’ associations and Dealing Members of The Exchange.  Oando filed its Q3 interim unaudited accounts on 26 October 2015.

In addition, the Exchange has invited Oando’s Audit Committee as well as its external auditors.  Should The Exchange’s continuing review reveal that Oando committed other infractions, The Exchange will mete out appropriate sanctions pursuant to its Rules.  The Exchange has reported the situation to the Securities and Exchange Commission. And, will involve other stakeholders, as appropriate.​