Shares of Oando Dips by 9.52% to Almost 3-Year Low

• Shares of Oando Dips by 9.52% to Almost 3-Year Low

The negative news surrounding the management of Oando Plc, Nigeria’s indigenous oil company, has started affecting the company’s performance on the Nigerian Stock Exchange.

Its share price dipped by 9.52 percent during the early hour of trading on Monday after the Securities and Exchange Commission announced that an interim management team will take over the management of the company.

The shares quickly lost 40 kobo from its opening price of N4.20 on Monday to N3.80 a share by 11:00 am Nigerian time, the lowest value since November 30, 2016.

The SEC had accused the management of the company of false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses, “stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, among others.”

Earlier today, police lay siege at the entrance of the company’s head office to enforce the takeover of operations by the interim management.