Oando fires back, tells court “SEC’s suspension of our shares illegal”

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Embattled Oando  PLc has said in a statement on Tuesday that it had obtained an ex parte order to lift the suspension of trading in its shares as well as halt a forensic audit planned by SEC.

Oando’s share price was frozen at N5.99 on Monday until further notice, the Nigerian Stock Exchange said after SEC ordered an audit of the company’s activities.

SEC, on Monday, said the shares of Oando were now on technical suspension. With the development, the shares of the company will be available for trading on the floor of the NSE, but there will be no price movement while the technical suspension subsists.

Oando, in a statement said, “We are of the view that the SEC’s directives are illegal, invalid and calculated to prejudice the business of the company. The company being dissatisfied with the most recent actions taken by SEC and to safeguard the interests of the company and its shareholders immediately took steps to file an action with the Federal High Court against SEC and the NSE.

“Oando obtained an ex-parte order from the FHC granting an interim injunction, via an order restraining the NSE from effecting the directive of the SEC to implement a technical suspension of the shares of the company, and an order restraining the SEC from conducting any forensic audit of the company’s affairs pending the hearing and determination of the matter.

“The NSE and SEC were served with the court order on Tuesday, October 24, 2017 and the NSE and SEC are legally obliged to comply with the interim order pending the substantive determination of the suit.”

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