Court Order Returns Oando to stock market…Reuters Reports

The management of Oando plc has obtained a court order to halt the suspension of trading in its shares and a forensic audit planned by the Securities and Exchange Commission (SEC), court documents seen by Reuters showed yesterday.

Shares in Oando Plc were frozen at N5.99 on Monday until further notice, the stock exchange said after SEC ordered a forensic audit into the company.

The commission suspended trading in the stock for 48 hours last week, saying it was investigating complaints about insider trading and discrepancies in its ownership structure.

“The actions taken by the SEC, the suspension of the shares of the company and the initiation of a forensic audit, are prejudicial to the company,” an Oando spokesman told Reuters.

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