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By Chinwendu Obienyi
Following growing concerns among shareholders on the recent suspension of its securities on the Nigerian Exchange Limited (NGX), the management of Ardova Plc (Ardova), has assured investors that it will soon file its 2021 Audited Financial Statements.
This was even as the Company reiterated it remains committed to the highest standards of compliance and corporate governance.
Coming after the NGX on July 1, 2022, suspended the company from trading on its floor over failure to file its Audited Financial Statements (AFS) for the year ended December 31, 2021, the Nigerian bourse stated that its action was based on Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules).
The law empowers the bourse to suspend trading in defaulter’s stocks if it “fails to file the relevant accounts at the expiration of the cure period.
However, Ardova Plc in a statement signed by its secretary, Oladeinde Nelson-Cole at the weekend, explained that the delay in submission was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021.
It stated that Enyo’s accounting has now been harmonized with the IFRS accounting standard already in place at Ardova Plc, following which the group’s Consolidated Financial Statements were completed and duly audited.
“These audited financial statements were approved by Ardova’s Board of Directors following its meeting on 29 June, 2022, and will be filed with the NGX on or before 8 July, 2022. In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission.
The Board and Management apologize for inconvenience caused by this administrative circumstance and reassure our stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance,” the company said.
