The company is listed both on the Nigerian Exchange Limited (NGX) and JSE.
According to a statement filed on the Nigerian bourse, Oando said the suspension was contained in a letter dated March 27.
Oando said it also failed to meet the deadline to publish its interim results for 2023.
The oil company, however, said its audited financial results will be approved by April 15.
“The Company had earlier unsuccessfully appealed to the JSE seeking a further extension of time within which to file the relevant accounts and requesting that it hold off its communicated intention to suspend Oando’s listing on the Exchange.
“Consequently, investors cannot trade the shares of the company during this period on the JSE Limited.
“The 2022 Accounts are scheduled to be approved by the Board of Oando PLC on or before the 15th of April 2024 and will thereafter be sent to the Financial Reporting Council of Nigeria for regulatory approval prior to its release to the market.
“The interim results for 2023 will also be released to the market soon after the 2022 Accounts are published,” Oando said.
The company said further updates will be communicated to the market upon changes to the current situation.
Oando Plc has faced similar suspensions in the past.
In October 2017, JSE suspended Oando after the review of subsequent correspondence received from the NGX and Securities Exchange Commission (SEC)
The NGX also suspended the oil company in October 2017 on the directives of the Securities and Exchange Commission.
