Connect with us

Business

Nigeria Stock Exchange (NSE) Suspends Oando

Published

on

Oando-logo

The Oando Plc, one of NIgeria’s leading energy companies, today was dealt a huge blow, as the NSE and SEC decided to suspend trading on its Shares.

The Securities and Exchange Commission of Nigeria ( SEC ) released a statement:

The Securities & Exchange Commission received two petitions from Alhaji Dahiru Barau Mangal and Ansbury Incorporated. The Commission carried out a comprehensive review of the petitions and made the following findings amongst others;

· Breach of the provisions of the Investments & Securities Act 2007

· Breach of the SEC Code of Corporate Governance for Public Companies

· Related party transactions not conducted at arm’s length

· Discrepancies in the shareholding structure of Oando Plc. Etc.
 
· Suspected insider Dealing

”To ensure the independence and transparency of the exercise, the Forensic Audit shall be conducted by a consortium of experts made up of auditors, lawyers, stockbrokers and Registrars.

”To further ensure that the interest of all shareholders of Oando Plc are preserved during the course of the exercise, the Commission directed the Nigerian Stock Exchange to place the shares of Oando Plc on technical suspension.’

The NSE following the the directive of the Securities and Exchange Commision moved to suspend Oando shares from the trading floor. The following order was released:
  1. Effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, The Exchange should implement a full suspension in the trading of the shares of Oando Plc; and2. Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc. A full suspension is the halt of trading activities in a listed security for a period.

    A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.

    In the 48-hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter, effective 20 October 2017, investors will be able to trade in Oando Plc’s shares but such trading will not result in any movement in the price of the shares.

CREDIT Energy

Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Microsoft Co-founder Paul Allen Dies At 65

Published

on

Paul Allen

Co-founder of Microsoft and owner of Vulcan Inc., Paul Allen passes away.

Paul Allen is said to have died as a result of non-Hodgkin’s lymphoma on Monday in Seattle. The 65-year-old businessman and philanthropist helped Microsoft usher in the personal computing revolution and then channeled his enormous fortune into transforming Seattle into a cultural destination.

Paul took to Twitter sharing the details of the return of the disease, which he had previously battled in 2009.

“Some personal news: Recently, I learned the non-Hodgkin’s lymphoma I battled in 2009 has returned. I’ve begun treatment & my doctors are optimistic that I will see a good result. Appreciate the support I’ve received & count on it as I fight this challenge.”

However, Paul has lost the battle over the disease, his Jody Allen releases a statement as she announces his passing on. She writes:

“My brother was a remarkable individual on every level. While most knew Paul Allen as a technologist and philanthropist, for us he was a much-loved brother and uncle, and an exceptional friend.

“Paul’s family and friends were blessed to experience his wit, warmth, his generosity, and deep concern. For all the demands on his schedule, there was always time for family and friends. At this time of loss and grief for us – and so many others – we are profoundly grateful for the care and concern he demonstrated every day.”

The Vulcan Inc., also announces the passing on of the boss in a statement on Monday

“It is with deep sadness that we announce the death of our founder Paul G. Allen, co-founder of Microsoft and noted technologist, philanthropist, community builder, conservationist, musician and supporter of the arts. Mr. Allen died on Monday afternoon, October 15, 2018, from complications of non-Hodgkin’s lymphoma in Seattle. Mr. Allen was 65 years old.”

Microsoft also takes to Twitter as the CEO Satya Nadella releases a statement on his Paul’s passing.

“Paul Allen’s contributions to our company, our industry, and our community are indispensable. As co-founder of Microsoft, in his own quiet and persistent way, he created magical products, experiences and institutions, and in doing so, he changed the world.

“I have learned so much from him – his inquisitiveness, curiosity, and push for high standards is something that will continue to inspire me and all of us at Microsoft. Our hearts are with Paul’s family and loved ones. Rest in Peace.
-Microsoft CEO Satya Nadella”

Paul Allen also possess ownership of the Seattle Seahawks, Stratolaunch Systems, and Portland Trailblazers, and is the founder of the Allen Institute and the Allen Institute for Artificial Intelligence. Paul co-founded Microsoft with Bill Gates at age 22.

Read also Kompany Thrilled As Father Becomes Belgium’s First Black Mayor

Continue Reading

Business

Donatella Versace Says “Versace Will Remain ITALIAN”

Published

on

Donatella Versace

The creative director for the fashion company Versace; Donatella Versace says the company will most definitely remain Italian.

Donatella Versace takes to her Instagram page to address haters as well as assure lovers of the brand that though Michael Kors is the new owner, the brand will remain Italian. She promises to keep the glamour associated with the fashion brand.

She writes:

“Ciao a tutti! You all know how I love the interaction that I have with all of you here. First of all, I wanted to let you know that I am NOT going anywhere, so for those who wanted to get rid of me, well…it ain’t happening!

“I also wanted to reassure you that Versace will remain ITALIAN, Made in Italy and that it will keep its GLAMOUR, DARING and INCLUSIVE attitude that have made you all love it. This is just the beginning of an exciting, new adventure that I hope you will live together with me!
xoxo Donatella”

Read also Victoria Kimani Bags First Endorsement Deal

Continue Reading

Business

Michael Kors Buys Luxury Brand, Versace

Published

on

Michael Kors and Versace

Michael Kors extends its fashion company by buying the very luxury brand, Versace.

The news made rounds earlier this week, about a purposed-selloff of Versace but was left unconfirmed. However, according to a report by AFP, the fashion brand largely known for its collections of bags, wristwatches, and perfumes; Michael Kors puts its money into buying Versace.

In a statement released on Tuesday by Michael Kors’ CEO John D. Idol, he confirms the purchase at the cost of 1.83 billion euros ($2.1 billion). He says:

“We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth. With the full resources of our group, we believe that Versace will grow to over $2.0 billion in revenues.

“We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”

Donatella Versace – the artistic director and vice-president of Versace says the takeover is “essential to Versace’s long-term success.

“We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader.”

You will recall that Michael Kors bought the luxury shoemaking brand ‘Jimmy Choo’ in 2017 for $1.2 billion.

Read also Osagie Alonge Apologises To Wizkid

Continue Reading

MOST POPULAR