Oando states reasons for delay in publication of results
By Oando Plc has updated its shareholders and stakeholders of the reasons for delay in the release of its financial results for the 12 months ended December 31, 2019 (2019 Audited Financial Statements) as well as first-quarter (Q1) 2020 Management Accounts.
These results were meant to be released within the due dates of May 29, 2020 and June 29, 2020 respectively as prescribed by the Nigerian Stock Exchange (NSE) Rules on Filing of Accounts and Treatment of Default Filing.
“On Monday, June 10, 2019, the Securities and Exchange Commission (SEC) notified the public and Oando 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 & Exchange Commission & Anor, it had suspended the Company’s 2018 Annual General Meeting (AGM) till further notice.
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Following the SEC’s suspension of Oando’s AGM, the Company has been unable to appoint Auditors to commence the Company’s 2019 audit exercise. The mandate given to the Auditors at the 2018 Oando AGM, by the shareholders, was to audit the Company’s FYE 2018 financials and not any other year”, Oando said.
“The suspension of the AGM, has resulted in the following amongst other things: (i) the inability of the Directors to lay before the shareholders for approval, the Company’s 2018 Audited Financial Statements; (ii) the shareholders’ inability to re-appoint the auditors of the Company to hold office for the 2019 financial year; (iii) the inability of the Company to meet its FYE 2019 NSE Filing of Accounts obligation within the due date of March 31, 2020,” Oando further stated.
The update is in line with the direction of the Nigerian Stock Exchange (NSE), the company noted on Monday July 20, 2020.