Why We Still Cannot File Our Financial Results—Oando

By Dipo Olowookere

Shareholders of Oando Plc and the investing public may have to wait longer to have access to the financial statements of the energy firm.

On Monday, the company released a statement to explain the reason for the delay in filing its results, especially the 2020 third-quarter earnings.

According to the statement jointly signed by the Company Secretary, Ayotola Jagun, and the Head of Corporate Communications, Alero Balogun, the main reason for not filing the results remain the suspension of the company’s Annual General Meeting (AGM) for 2018 fiscal year by the Securities and Exchange Commission (SEC).

The firm noted that it would have submitted the unaudited financial statements by the due date of November 20, 2020 (as extended) and as prescribed by the Nigerian Stock Exchange (NSE) Rules on Filing of Accounts and Treatment of Default Filing if not for this singular issue.

“On July 20, 2020, by way of an official press statement, the company had informed our stakeholders that SEC notified the public and Oando on Monday, June 10, 2019, 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 and Exchange Commission & Anor, it had suspended the company’s 2018 AGM till further notice.

“Following the SEC’s suspension of Oando’s AGM, the company has been unable to appoint auditors to commence an audit exercise into the company’s 2019 accounts.

“The suspension of the AGM has resulted in the inability of the directors to lay before the shareholders for approval, the company’s 2018 audited financial statements,” a part of the statement said.

It further noted that the action by SEC has made it impossible for shareholders to re-appoint the auditors of the company to hold office for the 2019 financial year and led to the inability of the organisation to meet its 2019 financial year-end NSE filing of accounts obligation by March 31, 2020.

Oando also disclosed that the suspension has also made it difficult for it to “meet its 2020 Q1, Q2 and Q3 UFS NSE filing of accounts obligations by their respective stipulated dates.”

However, it apologised for any inconveniences caused by the delay in filing the results, promising to “update the market on the outcome of the above-mentioned case in due course.”