Lagos — Oando Plc has explained reason for the delay in the release of its 2019 audited financial statements as well as Q1 2020 management accounts 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.
Following the SEC’s suspension of Oando’s AGM, the Company said it has been unable to appoint auditors to commence its 2019 audit exercise, adding that 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 suspension of the AGM, Oando explained, had resulted in the following amongst other things: 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; and the inability of the Company to meet its FYE 2019 NSE Filing of Accounts obligation within the due date of March 31, 2020
“Oando PLC apologizes for any inconveniences caused and will update the market on the outcome of the above mentioned case in due course”, the firm said in a filing signed by its secretary, Ayotola Jagun, and Head, Corporate Communications, Alero Balogun, and sent to the NSE on Monday.