Oando explains financials delay amid second trading suspension in 2024
Oando, an indigenous energy group, has attributed the delay of the publication of its 2023 audited financial statements to “the materiality of our recently completed acquisition”.
The company, which announced the completion of its Nigerian Agip Oil Company in August, recalled on Friday that it had informed of a delay in a publication on October 2 and that the financials would be published by October 23.
On Thursday, the Nigerian Exchange Limited suspended trading in the shares of the company, which is also listed on the Johannesburg Stock Exchange (JSE).
The JSE had suspended trading in Oando shares in March due to its inability to meet the extended deadline to publish its 2022 audited year-end results but the suspension was lifted in June.
“We hereby regret to notify the public of a seven-day delay. We wish to further provide an update that the Audit Committee and company’s board had convened as scheduled to review and approve the 2023 AFS and had provisionally approved the financials presented subject to the issuance of the auditors’ opinion. However, the auditors requested additional time to finalize their Audit Opinion, which now includes evaluating the impact of the acquisition,” Oando said.
It added: “Once the Audit Opinion is issued and the financial statements are approved by the Audit Committee and the Board on October 30, 2024, the Auditors will submit the financials to the Financial Reporting Council of Nigeria (FRCN) for approval, after which they can be published on the NGX and JSE Limited. Accordingly, and in line with the FRCN’s approval timeline, we anticipate that the 2023 AFS will be published on or before November 1st, 2024. Again, we sincerely apologize for any inconvenience these delays may have caused and greatly appreciate the patience of our stakeholders during this time.”
