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NSE may sanction Oando

There is strong indication that the Nigerian  Stock  Exchange (NSE) may sanction Oando Plc as a result of the company’s inability to meet up with…

There is strong indication that the Nigerian  Stock  Exchange (NSE) may sanction Oando Plc as a result of the company’s inability to meet up with the bourse post-listing rules.
 The Nigerian bourse is  reviewing  the  situation regarding  the  delayed  filings  of  the  audited  financial  statements  (AFS)  of  Oando  Plc for  the  year  ended  31 December 2014  and  its first quarter and half-year delayed filings.
 According to information from the exchange, the local bourse 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.
 On 23  October , 2015,  Oando had  filed  its  2014  AFS as well  as its first quarter and half-year 2015 interim unaudited accounts with the exchange. 
 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 Chief Executive Officer  of  Oando, Mr.  Wale Tinubu,  committed  to  holding  a  Facts  Behind  the  Figures  session on Monday,  26  October 2015 at  the  Exchange.
 Responding to the incident, the NSE said“Oando filed  its  third quarter interim  unaudited  accounts  on 26  October  2015. Oando has  been  sanctioned  for  violations  of  its  post-listing  obligations  in  accordance  with  applicable rules  of  the  exchange. 
 “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.”

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