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Oando explains delay in FY ’19 & Q1 2020 result as SEC face-off lingers

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Oando plc has announced reasons behind the continued delay in the release of the company’s 2019 full year and its Q1 2020 management accounts within the due dates of May 29 and June 29, 2020, respectively, as prescribed by the Nigerian Stock Exchange (NSE) rules on filing of accounts and treatment of default filing.

The indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchanges, through its upstream subsidiary, Oando Energy Resources, noted that following an ex-parte order of the Federal High Court Lagos in Suit No: FHC/L/Cs/910/19 in Jubril Adewale Tinubu & Anor v Securities & Exchange Commission & Anor, which suspended the Company’s 2018 Annual General Meeting (AGM) till further notice, the company has been unable to appoint Auditors to commence its 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,” the company noted in a release.

This, according to Oando, has resulted in the inability of the directors to lay before the shareholders for approval the company’s 2018 Audited Financial Statements; the shareholders’ inability to re-appoint the auditors of the company to hold office for the 2019 financial year; the inability of the company to meet its Full Year Earnings 2019 NSE Filing of Accounts obligation within the due date of March 31, 2020.

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