Oando Plc has updated its shareholders and stakeholders of the reasons for delay in the release of its financial results for the 12 months ended December 31, 2019 (2019 Audited Financial Statements) as well as first-quarter (Q1) 2020 Management Accounts.

These results were meant to be released within the due dates of May 29, 2020 and June 29, 2020 respectively as prescribed by the Nigerian Stock Exchange (NSE) Rules on Filing of Accounts and Treatment of Default Filing.

“On Monday, June 10, 2019, the Securities and Exchange Commission (SEC) notified the public and Oando that, further to the Ex-parte Order of the Federal High Court, Ikoyi, Lagos in Suit No: FHC/L/Cs/910/19 in Mr. Jubril Adewale Tinubu & Anor v Securities & Exchange Commission & Anor, it had suspended the Company’s 2018 Annual General Meeting (AGM) till further notice.

Read also: Govt endorses new Dangote Cement millionaire promo

Related News

Following the SEC’s suspension of Oando’s AGM, the Company has been unable to appoint Auditors to commence the Company’s 2019 audit exercise. The mandate given to the Auditors at the 2018 Oando AGM, by the shareholders, was to audit the Company’s FYE 2018 financials and not any other year”, Oando said.

“The suspension of the AGM, has resulted in the following amongst other things: (i) the inability of the Directors to lay before the shareholders for approval, the Company’s 2018 Audited Financial Statements; (ii) the shareholders’ inability to re-appoint the auditors of the Company to hold office for the 2019 financial year; (iii) the inability of the Company to meet its FYE 2019 NSE Filing of Accounts obligation within the due date of March 31, 2020,” Oando further stated.

The update is in line with the direction of the Nigerian Stock Exchange (NSE), the company noted on Monday July 20, 2020.

More from our Markets Column
Read Next
Oando

Oando states reasons for delay in publication of results

By Iheanyi Nwachukwu • July 20, 2020

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.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp