Lagos — Indigenous oil and gas firm, Oando Plc has lamented the negative impact of its suspended 2018 Annual General Meeting, AGM on its inability to file its 2020 third quarter unaudited financial statements at the Nigerian Stock Exchange, NSE.
In a memo to the NSE on Tuesday, Oando said the Security Exchange Commission, SEC had suspended its 2018 AGM indefinitely.
On July 20, 2020, by way of an official press statement, the company had informed its stakeholders that 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.
Following the SEC’s suspension of its AGM, Oando said it had been unable to appoint auditors to commence an audit exercise into its 2019 accounts.
According to the memo, the suspension of the AGM had also resulted in other setbacks such as; the inability of its directors to lay before the shareholders for approval the company’s 2018 audited financial statements; shareholders’ inability to re-appoint the auditors of the company to hold office for the 2019 financial year; inability of the company to meet its 2019 financial year-end NSE filing of accounts obligation by the due date of March 31, 2020, and inability 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 memo said.