Tag oandos suspension
OANDO's suspension!
OANDO, a Nigerian fintech company, was suspended by the Securities and Exchange Commission (SEC) in Nigeria in 2020. The suspension was due to several regulatory breaches and concerns over the company's financial statements.
Here are some key points about OANDO's suspension:
- Reasons for suspension: The SEC suspended OANDO due to concerns over the company's financial statements, which were deemed to be inaccurate and misleading. The regulator also found that OANDO had failed to comply with several regulatory requirements, including the filing of its financial statements in a timely manner.
- Duration of suspension: The suspension was initially for 12 months, but it was later extended to 18 months.
- Impact on investors: The suspension had a significant impact on OANDO's investors, who were unable to trade their shares or access their funds during the period of suspension.
- Consequences for OANDO: The suspension led to a significant decline in OANDO's stock price, and the company was also forced to restate its financial statements and refile them with the SEC.
- Resolution: In 2022, OANDO was finally delisted from the Nigerian Stock Exchange (NSE) after failing to meet the exchange's listing requirements. The company has since been working to resolve its regulatory issues and restructure its operations.
Overall, OANDO's suspension was a significant event in the Nigerian fintech industry, highlighting the importance of regulatory compliance and transparency in the financial sector.