NSE reviews Oando late submission of results

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Oando Plc Logo

The Nigerian Stock Exchange (NSE) said it reviewing the situation regarding the delayed filings of the Audited Financial Statements (AFS) of Oando Plc for the year ended December 31, 2015 and its unaudited first and second quarter results.

The exchange in a statement said they are greatly concerned about the delayed filings and the significant losses which were posted for the 2014 fiscal year and the first three quarters of 2015.

However, Oando has been sanctioned for violations of its post-listing obligations in accordance with applicable Rules of The Exchange. In addition, the Exchange said it has invited Oando Audit Committee as well as its external auditors.

Should The Exchange continuing review reveal that Oando committed other infractions, The Exchange will mete out appropriate sanctions pursuant to its Rules. The Exchange added that it has reported the situation to the Securities and Exchange Commission, and, will involve other stakeholders, as appropriate.

It will be recalled that on 23 October 2015, Oando filed its 2014 audited account as well as its first and second quarter 2015 interim unaudited accounts with The Exchange.

Oando filing of results followed several engagements with The Exchange both before and after the due dates for these filings.

As part of the engagements, The Exchange directed that Oando top Management shouldd discuss the delay with the Dealing Clerks on the trading floor of The Exchange on 23 October 2015.

Oando made the filings just before the meeting, during the interaction with Dealing Clerks, the CEO of Oando, Mr. Wale Tinubu, committed to holding a Facts Behind the Figures (FBF) session on Monday, 26 October 2015 at The Exchange, which was attended by stakeholders in the market.

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