A Federal High Court sitting in Lagos on Friday refused to rule that the Securities Exchange Commission (SEC) lift the partial suspension placed on the shares of Oando Plc and stop the forensic audit of the oil company.
The court had earlier in November declined to hear the case filed by Oando against SEC and the Nigerian Stock Exchange (NSE), referring the company instead to the Investment and Securities Tribunal (IST).
In a letter sent to Oando CEO, Wale Tinubu, in October, SEC accused the company of declaring false profits and indulging in insider trading among other infractions.
At present, Oando’s shares are on technical suspension on the Nigerian Stock Exchange, which means the shares can be traded but the price will remain unchanged.
The shares were also suspended by the Johannesburg Stock Exchange (JSE).
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