Ardova to File Audited Results Soon, Explains Reason for Delay

By Dipo Olowookere

The financial statements for the year ended December 31, 2021, of an indigenous energy company, Ardova Plc, will soon be filed to the Nigerian Exchange (NGX) Limited, the firm has promised.

Last week, the exchange announced the suspension of the trading of Ardova Plc and eight other publicly-listed organisations over their failure to submit their results for the perusal of the investing public.

The other companies suspended by the bourse were C&I Leasing, African Alliance Insurance, Niger Insurance, Ekocorp, Mutual Benefits Assurance, Coronation Insurance, Premier Paints and Royal Exchange.

In a statement, Ardova Plc explained that it failed to file the audited results as expected because of accounting reconciliations caused by the acquisition of Enyo Retail and Supply Limited (ERSL).

Last November, Ardova Plc announced the completion of its purchase of the retail energy firm in Nigeria. The transaction was done to boost the company’s presence in the retail end of the market.

In the disclosure, the oil company emphasised that its books have now been audited and the results should be released this week for investing public and analysts to scrutinise.

“The delay in submission 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.

“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,” a part of the statement said.

Also, Ardova Plc expressed optimism that the embargo placed on its stocks should “be lifted upon submission” of the audited results this week “in accordance with NGX rules.”

Concluding, the organisation apologised for the “inconvenience caused by this administrative circumstance and reassure our stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance.”