Oando Explains Delay In 2019 Full Year & 2020 First Quarter Account

Oando Plc Logo

Oando Plc has announced to the investing public, particularly its shareholders and stakeholders of the delay in the release of its results for the twelve months ended December 31, 2019 as well as the company first quarter management account for the period ended march 31, 2020, within the due dates of May 29, and June 29, 2020 respectively as prescribed by the Nigerian Stock Exchange (NSE), rules on filing of accounts and treatment of default filing.

It would be recalled that 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 Company’s 2019 audit exercise. The mandate given to the Auditors at the 2018 Oando AGM, by the shareholders, was to audit the Company’s 2018 financials and not any other year.

The suspension of the AGM, has resulted in the following amongst other things: (i) the inability of the Directors to lay before the shareholders for approval, the Company’s 2018 Audited Financial Statements; (ii) the shareholders’ inability to re-appoint the auditors of the Company to hold office for the 2019 financial year; (iii) the inability of the Company to meet its 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.

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