(Adds details, background)
ABUJA, June 10 (Reuters) - Nigeria's securities regulator
has ordered the suspension of Oando's annual shareholder meeting
due to be held on June 11, the Securities and Exchange
Commission (SEC) said on Monday.
The regulator said the suspension was due to ongoing
litigation after it set up an interim management team and
ordered Oando's chief executive, Wale Tinubu and others to
resign following an investigation over financial infractions.
A federal court in Lagos last week blocked the securities
regulator from replacing Oando's chief executive and taking
other action against the oil company, pending further hearings
on the case, a court document seen by Reuters
showed. Tinubu has dismissed the SEC charges as unsubstantiated.
Last month, the SEC ordered Lagos-listed Oando , which also
has a dual listing in Johannesburg OAOJ.J , to hold an
extra-ordinary meeting before July 1, to appoint new directors
after its regulatory action against certain members of the board
including Oando's chief executive.