• Wednesday, June 12, 2024
businessday logo

BusinessDay

Oando says to file 2022 audited financials on August 31, 2023

Oando says to file 2022 audited financials on August 31, 2023

Oando Plc has revealed the tentative dates for its financial accounts to be released. The energy company said its 2020 audited financial statements will be released on February 28, 2023, while its 2021 audited financial statements will berth on May 31, 2023.

In an update released to investors at the Nigerian Exchange Limited (NGX) signed by Ayotola Jagun, Company Secretary & Chief Compliance Officer, Oando Plc said its first-quarter (Q1) to fourth quarter (Q4) 2022 unaudited financial statements will be released to the investing public on June 30, 2023; while on August 31, 2023 its 2022 audited financial statements will be made public.

Oando envisages that its board of directors and auditors will be in position to approve its financial statements in line with the now revised timetable.

The share price of Oando as at Friday January 13 was N4 per share. The current share price is slightly above its 52-week low of N3.53 but below its 52-week high of N7.08.

In the X-Compliance Report of the NGX Regulation Limited, Oando Plc is stigmatised with Missed Regulatory Fillings (MRF) as the company fell short of the minimum listing standards in terms of timely disclosure of its audited annual financial statements.

Read also: Access Bank states reason for calling off Sidian Bank’s acquisition

Oando, which is listed on the Integrated Oil and Gas Service subsector of the NGX Oil & Gas Sector engages in exploration and production and energy services. The company’s business also includes gas and power, marketing, supply and trading and refining and terminal.

Oando in a January 13 note updated its shareholders and stakeholders on the delay in the release of its 2020 and 2021 audited financial statements, as well as Q1-Q3 2022 unaudited financial statements as prescribed by the NGX Rules on Filing of Accounts and Treatment of Default Filing.

“Further to the press release of the Company dated February 3, 2022, the Company held its 43rd Annual General Meeting in August 2022, at which shareholders approved the 2019 Audited Financial Statements of the Company and appointed BDO Professional Services as new external auditors for the purpose of auditing the Company’s 2020 and 2021 Audited Financial Statements,” Oando said.

“Unfortunately, due to the lengthy onboarding process required for new external auditors and the complexity of auditing the several companies that make up the Oando Group, we wish to notify the market that the conclusion of the audit has been slightly delayed.

“The Company sincerely regrets the inconvenience caused to our esteemed stakeholders by this further delay and can confirm that concerted efforts are being made to finalize the above-stated accounts as soon as possible so as to ensure that the Company is in full compliance with its regulatory obligations”, the statement reads.