Nigerian oil company Oando has obtained a court order to lift the suspension of trading in its shares and halt a forensic audit planned by the Securities and Exchange Commission (SEC), Reuters reports.
Oando’s share price was frozen at N5.99 on Monday until further notice, the Nigerian Stock Exchange (NSE) said after the SEC ordered the audit. The NSE said it was reviewing the court processes to provide an appropriate defence against the court order. The SEC declined to comment, saying that it was yet to receive the court order.
In a SEC letter to Oando dated Oct. 17 the regulator accused Oando of corporate governance abuses and financial mismanagement, basing its allegations on two petitions received from Dahiru Barau Mangal and Ansbury Incorporated. It added that it would engage accountancy firm Deloitte to lead the audit together with lawyers and stockbrokers, at a cost of 160 million naira, which would be borne by Oando.