Why We Filed Our Financial Statements Late—Conoil

By Dipo Olowookere

The management of Conoil Plc has explained why it did not file the company’s financial statements within the stipulated time.

Recall that on Monday, the Nigerian Stock Exchange (NSE) suspended trading of the shares of the oil company at the stock market.

But barely 24 hours after the action, the firm released its earnings for the first quarter of this year and followed it with the financial results for the first half of 2018.

Conoil, in a statement issued today, explained why it did not file the results before the hammer of NSE fell on it.

According to the company, the delay “was occasioned by some hitches in the company’s accounting software.”

Conoil, which said it regretted the delay, reaffirmed its commitment to the continuous adherence to the rules and best corporate practice.

“The management of Conoil Pic would like to notify its esteemed shareholders, stakeholders and the general public that the company filed its first quarter Unaudited Financial Statements (UFS) for the period ended March 31, 2018 and half-year UFS for the period ended June 30, 2018 with the Nigerian Stock Exchange on Tuesday, August 7, 2018 after the regulatory due dates.

“The company is aware of its post-listing obligations including filing of financial returns timeously.

“However, the delay in filing these accounts out of time was occasioned by some hitches in the company’s accounting software.

“The company regrets any inconvenience this delay might have caused its various stakeholders and reiterates its commitment to the continuous adherence to the rules and best corporate practice,” the statement signed by Conrad Eberemu, the Company Secretary, said.