Oando Plc has said in a statement that the delay in the publication of its Full Year End (FYE) 2019 Financial Results and Q1 2020 Management Accounts was as a result of actions taken by the Nigerian Securities and Exchange Commission (SEC), against the firm.
The FYE results were due on May 29, 2020 and Q1, 2020 results 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. 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 in a filing on the Nigerian Stock Exchange (NSE).
According to Oando, 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 claims it will update the market on the outcome of the above mentioned case in due course.