Oando delays financial reports filing

cf oando office
cf oando office

Oando Plc has informed the shareholders and regulators of the delay in the release of the company’s 2020 and 2021 audited financial statements.

The financial statements also included the reports for the first, second, and third quarters of 2022.

The postponement was contained in the disclosure on the Nigerian Exchange Limited and obtained by on Tuesday.

According to the company, the delay was 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.

“The board of directors and auditors will be in a position to approve our financial statements in line with the now revised timetable.”

Earlier on, the shareholders of the company had 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.

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The new dates, according to the company, slated for the disclosure of 2020 audited financial statements would be in February 2023, while that of 2021 audited financial statements would be in May 2023, with Q1-Q4 2022 unaudited financial statements in June 2023, and 2022 audited financial statements in August 2023.

Oando Plc had exited the NGX-30, an index that tracks the top 30 companies in terms of the total value of equities listed on the NGX (market capitalization) and liquidity.

The company was also ejected from NGX oil and gas index, according to the full-year review of market indices of the Nigerian Exchange Limited.

Recall that the regulator had earlier suspended Ekocorp Plc, Premier Paints, and four other companies over failure to comply with regulatory requirements for filing their annual financial reports publicly.

The local bourse had also sanctioned 17 companies N93.92m for failure to file their financial statements after the regulatory 90-cure date.

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