Oando Delays Release Of 2023 Audited Financial Statements By Seven Days

Oando Plc has announced a seven-day delay in the release of its 2023 Audited Financial Statements (AFS).

This follows a previous notice on October 2, 2024, regarding an expected delay due to the complexities arising from Oando’s recent acquisition.

The Company’s Audit Committee and Board met as scheduled to review and approve the 2023 AFS and provisionally accepted the financials, pending the auditors’ final opinion.

However, Oando in a notice to the Nigerian Exchange Limited (NGX) disclosed that the auditors have requested additional time to evaluate the acquisition’s impact before issuing their Audit Opinion.

The statement signed by Chief Financial Officer, Adeola Ogunsemi noted that once finalized and approved by the Audit Committee and Board on October 30, 2024, the statements will be submitted to the Financial Reporting Council of Nigeria (FRCN) for regulatory approval.

It disclosed that the Company now anticipates that the 2023 AFS will be available on the NGX and JSE by or before November 1, 2024.

“Oando regrets any inconvenience caused by this delay and expresses appreciation to shareholders and stakeholders for their continued patience,” the statement said.

Trading in the shares of Oando Plc was recently suspended on the Nigerian Exchange (NGX) Limited due to the company’s failure to submit its audited financial statements for the year 2023.

This was disclosed in a notice issued by Mr Godstime Iwenekhai, Head of Issuer Regulation at NGX, on Thursday.

According to the statement, the suspension follows Oando’s inability to meet its regulatory obligations by filing its audited financial results within the required timeframe.

The Indigenous energy company had previously missed multiple deadlines it set for investors and the public to release the financial documents.

The NGX confirmed that the suspension of trading in Oando’s shares would remain in effect until the company complies with the necessary filing requirements.

Once the financial statements are submitted and meet regulatory standards, the suspension is expected to be lifted.

“In accordance with the default filing rules set forth above, the suspension of trading in the shares of Oando Plc shall be lifted upon the submission of the relevant financial statements”.

This is not the first time Oando has faced suspension from the stock exchange. In 2018, the Securities and Exchange Commission (SEC) directed NGX to suspend trading in the company’s shares amid regulatory investigations.

Similarly, in 2019, the Johannesburg Stock Exchange (JSE) also suspended Oando’s stocks following allegations of tampering with financial results.

This latest suspension highlights the importance of timely and transparent financial reporting to maintain investor confidence and uphold market integrity.