Oando Plc (NSE : OANDO) has explained the delay in the filing of its unaudited financial statements for the period ended 30 September 2020.
Oando Plc failed to file its accounts with the Nigerian Stock Exchange (NSE) on the due date of November 20, 2020 (as extended) and as prescribed by the NSE Rules on Filing of Accounts and Treatment of Default Filing.
The inability of the Company to meet its 2020 Q3 UFS NSE Filing of Accounts obligation by the stipulated due date is as result of the indefinite suspension of the Company’s 2018 Annual General Meeting (AGM). This was contained in a press statement released by Oando Plc on December 7, 2020, signed by Ayotola Jagun, the Company Secretary.
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Oando Plc said that “On July 20, 2020, by way of an official press statement the Company had informed our stakeholders that the Securities and Exchange Commission (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 & Exchange Commission & Anor, it had suspended the Company’s 2018 AGM till further notice.”
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The company said that it has not been able to appoint Auditors to commence an audit exercise into the Company’s 2019 accounts.
“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 following amongst other things:
- the inability of the Directors to lay before the shareholders for approval, the Company’s 1. 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 2019 financial year-end NSE Filing of Accounts obligation by the due date of March 31, 2020.
- the inability of the Company to meet its 2020 Q1, Q2, and Q3 UFS NSE Filing of Accounts obligations by their respective stipulated dates.
Oando PLC apologizes for any inconveniences caused and will update the market on the outcome of the above-mentioned case in due course.
The last accounts filed by Oando Plc with the Exchange were its Q3 Unaudited Financial Statements for the Period ended 30 September 2019, uploaded on October 28th, 2019.
At the close of trading on Monday, the equity price of Oando Plc rose by 1.79% to N2.85 per share.