By Dipo Olowookere
Shareholders of Oando Plc who had expected the embattled company to release its 2017 financial statements probably this month may have to wait a little bit longer.
This is because the Financial Reporting Council of Nigeria (FRCN) has shown interest in the firm’s books for last year before being released to the Nigerian Stock Exchange (NSE as expected of publicly quoted firms on the local bourse.
The management of Oando, in a statement today, explained that this may force it to release its financial results probably in May 2018.
In the statement signed by Oando’s Chief Compliance Officer & Company Secretary, Ayotola Jagun, the top energy firm said the “FRCN has indicated interest in undertaking a more detailed review of the company’s Audited Financial Statements (AFS) as part of their statutory review due to the issues raised by the recent investigation of the Company by the Securities and Exchange Commission (SEC).”
It said further that, “We envisage that the FRCN’s review might take longer than originally anticipated. Therefore, the company may not be able to file the accounts until the second week in May, the exact date of filing will be dependent on the turnaround time at the FRCN.”
Concluding, Oando Plc apologised “for any inconvenience caused and will update the market in due course.”
