Conoil Blames COVID-19 for Failure to File 2019 Audited Statements

Conoil Blames Pandemic for Failure to File 2019 Audited Financial Results

The Management of Conoil Plc on Wednesday said the company was unable to file its audited financial statements for the year ended 31 December 2019 despite the extended regulatory deadline.

In a statement released through the Nigerian Stock Exchange and signed by Conrad Eberemu, Company Secretary and Legal Adviser, the company said: “The Management of Conoil Plc (Conoil or the Company) wishes to notify the Nigerian Stock Exchange (The Exchange), its esteemed shareholders, stakeholders and the general public that the Company is unable to file its Audited Financial Statement for the year ended 31 December 2019 (2019 AFS) within the extended regulatory filing deadline, as a result of challenges ensuing from the COVID-19 lockdown.”

This is coming after the Nigerian Stock Exchange revised the 60 days grace period given to listed companies to file with the bourse to 29 May 2020 in the circular issued on 23 March.

“We refer to The Nigerian Stock Exchange’s (The Exchange) Circular of 23 March 2020, with reference number NSE/RD/LRD/CIR5/20/03/23 wherein Listed Companies were granted a sixty (60) day grace period for the submission of their Audited Financial Statement for the year ended 31 December 2019. Please be reminded that the revised due date for Listed Companies in this category is 29 May 2020,” the exchange stated in the circular.

“Following on the said circular, The Exchange has also decided to extend the due date for the submission of the Audited Financial Statements for Listed Companies with 31 March year-end by sixty (60) days from 29 June 2020 to 28 August 2020.

Conoil management, however, promised that the company 2019 Audited Financial Statement would be ready and filed with the Nigerian Stock Exchange on or before 29 June 2020.