Oando Plc’s share price has declined by 3.75 per cent as it closed at N3.85 on Monday, June 10, 2019.
The share price dropped, following the directive given by the Securities and Exchange Commission (SEC) for the company to suspend its 42nd Annual General Meeting (AGM).
A look at the share price history: Oando’s stock rallied back at the same period the Nigerian Stock Exchange (NSE) ended trading session in negative territory. The All Share Index closed at 30,432.39 basis points, down 0.31% while the oil and gas company’s share price ended the week with N4.
The firm’s share price, which rose by 5.26 per cent to N4.00 after falling by 9.52 per cent to N3.80 on June 3, was unchanged at the weekend.
Surprisingly, the share price dipped by 3.75 per cent after the SEC directive on the AGM suspension.
Recall that the capital market regulator had ordered Oando Plc‘s Group Chief Executive Officer (CEO), Wale Tinubu to resign from his position over serious infractions ranging from false disclosures, market abuses, amongst others.
SEC’s move to suspend Tinubu came after a shareholder battle ensued in Oando about two years ago. The company’s directors -Gabriel Volpi co-founder of Intel’s Plc and Northern businessman Alhaji Dahiru Mangal, had accused the company’s management of financial recklessness and denying them adequate representation on the board.