The Board and Management of Ardova Plc (Ardova) has allayed concerns over the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX) over the late filing of its 2021 Audited Financial Statements.

In a statement signed by Oladeinde Nelson-Cole, Company Secretary, Ardova noted that the delay in submission of its 2021 Audited Financial Statements was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021.

Read also: NGX suspends trading in shares of Ardova, C&I Ieasing, Mutual Benefit, 6 others 

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“Enyo’s accounting has now been harmonized with the IFRS accounting standard already in place at Ardova Plc, following which the group’s Consolidated Financial Statements were completed and duly audited.

“These audited financial statements were approved by Ardova’s Board of Directors following its meeting on June 29, 2022, and will be filed with the NGX on or before July 8, 2022. In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission,” the statement reads.

The Board and Management apologised for inconvenience caused by this administrative circumstance and reassured its stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance.

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By Iheanyi Nwachukwu • July 4, 2022

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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