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Chinwendu Obienyi
Oando Plc has informed the investing public that it would not be able to release its Full Year (FY) audited financial results for the 12 months ended December 31, 2019 as well as Q1 2020 Management Accounts.
The company, in a notice sent to the Nigerian Stock Exchange (NSE) yesterday, explained that it could not meet up with the due dates of May 29, 2020 and June 29, 2020 respectively as prescribed by the Exchange on Rules on Filing of Accounts and Treatment of Default Filing.
The notice said, “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 2019 audit exercise. The mandate given to the Auditors at the 2018 Oando AGM, by the shareholders, was to audit the 2018 financials and not any other year”.
