Caverton Offshore Support Group Plc (COSG) has informed the Nigerian Exchange Limited (NGX) and investors of a further delay in filing its audited financial statements for the year ended December 31, 2025, citing a combination of internal and external disruptions during the audit process.
The aviation and maritime logistics firm apologised to shareholders and the investing public, attributing the setback to three specific factors: the resignation of its Chief Financial Officer partway through the audit, which disrupted internal review and sign-off procedures; administrative delays in securing regulatory clearance for the external auditors from the Financial Reporting Council of Nigeria (FRCN); and unforeseen technical problems with the company’s Enterprise Resource Planning (ERP) system that temporarily affected data extraction and financial reconciliation.
Despite outlining these mitigating circumstances, the company said it takes full responsibility for missing its regulatory filing deadline.
According to the statement, the audit has now reached its concluding stage, with the company committing to submit the 2025 audited financial statements to the Exchange on or before Friday, July 10, 2026.
To guard against a repeat of the delay, COSG’s board said it has fast-tracked the recruitment of a substantive Group Chief Financial Officer, tightened its financial reporting and audit timetable, and moved to engage external auditors earlier on regulatory preconditions going forward.
The company also reminded stakeholders that its closed period, which began January 1, 2026, remains in effect and will only lift 24 hours after both the 2025 audited financial statements and the outstanding unaudited financial statements have been released to the public.
Administrator and Writer
