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OandO Blames SEC, FG for Failure to File Q3, 2020 Unaudited Financial Results

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Oando Plc

Once again, Oando Plc, an indigenous oil market company, has blamed the Securities and Exchange Commission (SEC) for its now regular failure to release financial statements has mandated by the Nigerian Stock Exchange Rules on Filing of Accounts and Treatment of Default Filing.

In a statement released on Monday through the Nigerian Stock Exchange, the company said the indefinite suspension of the Company’s 2018 Annual General Meeting (AGM) by the SEC following an Ex-parte order of the Federal High Court, Ikoyi, Lagos on June 10, 2019, the company has been unable to appoint Auditors to commence an audit into the company’s 2019 accounts, the inability of the company to meet its 2020 Q1, Q2 and Q3 Unaudited Financial Statement Filing of Accounts obligations by their respective stipulated dates.

The statement reads in part, “Pursuant to the directive of the Nigerian Stock Exchange (NSE) this is to update Oando PLC’s (referred to as “Oando” or the “Company”) shareholders and stakeholders of the delay in the release of the Company’s 2020 Q3 Unaudited Financial Statements (“2020 Q3 UFS”) by the due date of November, 20 2020 (as extended) and as prescribed by the NSE Rules on Filing of Accounts and Treatment of Default Filing.

The inability of the Company to meet its 2020 Q3 UFS NSE Filing of Accounts obligation by the stipulated due date is as a result of the indefinite suspension of the Company’s 2018 Annual General Meeting (AGM).

On July, 20, 2020 by way of an official press statement the Company had informed our stakeholders that the Securities and Exchange Commission (SEC) notified the public and Oando on Monday, June 10, 2019, 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 AGM till further notice.

Following the SEC’s suspension of Oando’s AGM, the Company has been unable to appoint Auditors to commence an audit exercise into the Company’s 2019 accounts.

The suspension of the AGM, has resulted in the following amongst other things:

1. the inability of the Directors to lay before the shareholders for approval, the Company’s 2018 Audited Financial Statements;
2. the shareholders’ inability to re-appoint the auditors of the Company to hold office for the 2019 financial year;
3. the inability of the Company to meet its 2019 financial year end NSE Filing of Accounts obligation by the due date of March 31, 2020.
4. the inability of the Company to meet its 2020 Q1, Q2 and Q3 UFS NSE Filing of Accounts obligations by their respective stipulated dates.

Oando PLC apologizes for any inconveniences caused and will update the market on the outcome of the above-mentioned case in due course.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

Stock Market Extends Decline as Selloff Continues Following Interest Rate Hike

investors exchanged 119.8 million shares worth N2.689 billion in 3,552 transactions during the trading hours of Wednesday, against 182.3 million shares worth N4.82 billion that were transacted in 3,470 deals on Tuesday.

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) sheds another N32 billion on Wednesday after posting a N25 billion decline on Tuesday immediately after the Central Bank of Nigeria-led monetary policy committee hiked interest rate by 100 basis points from 16.5% to 17.5%.

Activity level dipped as investors exchanged 119.8 million shares worth N2.689 billion in 3,552 transactions during the trading hours of Wednesday, against 182.3 million shares worth N4.82 billion that were transacted in 3,470 deals on Tuesday.

Sectorial analysis shows the banking sector lost 34 basis points (bps) on a 2.41% decline in the value of UBA and a 0.55% dip in Accessco. Wema bank and Fidelity bank posted 1.52% and 0.60% gains, respectively.

The consumer goods sector appreciated by 34bps as the value of Unilever Nigeria jumped 7% following healthy financial results that show the company grew profit after tax by 110% to almost N1 billion in 2022. Intbrew recorded 5.38% while Honey Flour and Cadbury lost 5.15% and 2.07%, respectively.

The oil and gas sector closed flat, the same as the industrial sector.

The NGX All-Share Index depreciated by 0.02% from 52,612.55 index points closed on Tuesday to settle at 52,599.65 index points.

The market value of listed equities stood at N28.649 trillion, a N32 billion decline from N28.681 trillion it closed on Tuesday. The year-to-date return moderated to 2.63%. See top gainers and losers below.

Top Fiver Gainers

Symbols Last Close Current Change %Change
RTBRISCOE N 0.30 N 0.33 0.03 10.00 %
TRIPPLEG N 0.80 N 0.88 0.08 10.00 %
CHELLARAM N 1.50 N 1.65 0.15 10.00 %
OKOMUOIL N 165.00 N 181.10 16.10 9.76 %
CAVERTON N 0.95 N 1.03 0.08 8.42 %

Top Five Losers

Symbols Last Close Current Change %Change
THOMASWY N 1.45 N 1.31 -0.14 -9.66 %
CORNERST N 0.58 N 0.54 -0.04 -6.90 %
GEREGU N 142.40 N 134.00 -8.40 -5.90 %
HONYFLOUR N 2.33 N 2.21 -0.12 -5.15 %
CWG N 0.94 N 0.90 -0.04 -4.26 %

Top Five Trades

Symbols Volume Value
MBENEFIT 11258018.00 3865258.67
TRANSCORP 8751948.00 10605868.57
GEREGU 8536440.00 1143976583.90
FBNH 7690248.00 89815522.50
GTCO 6712639.00 161997631.90

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Nigerian Exchange Limited

Unilever Nigeria Grows Profit by 310% in Q4, 2022 as Cost of Sales Moderated Significantly

Revenue grew by 14.88% to N23.952 billion from N20.850 billion recorded in Q4 2021

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Unilever Nigeria Plc

Unilever Nigeria, a leading nutrition, hygiene and personal care company, reported stronger-than-expected fourth quarter (Q4) financial results for 2022 as the company made a series of adjustments to key areas.

Revenue grew by 14.88% to N23.952 billion from N20.850 billion recorded in Q4 2021. Cost of sales moderated by 30.51% to N9.652 billion, down from N13.890 billion spent on sales in Q4 2021.

Similarly, gross profit increased by 105.47% from N6.959 billion reported in Q4 2021 to N14.301 billion in the quarter under review.

Impairment loss on trade and intercompany receivables also declined to N3.596 million, a 97.69% decrease when compared to N156.264 million achieved in Q4 2021.

The company disclosed this in its unaudited financial statement released on Tuesday and obtained by Investors King.

Operating profit stood at N8.034 billion in the quarter, up from N2.319 billion posted in the same quarter of 2021.

Profit after tax for the quarter grew by 310% from N1.546 billion to N6.341 billion.

However, a critical analysis of the entire 2022 financial statement shows that despite the strong Q4 result, weak Q1, Q2 and not-so-good Q3 dragged on the company’s overall performance in the year.

Cost of sales rose by 14.12% to N57.238 billion from N50.162 billion in 2021, against the decline recorded in the fourth quarter.

Marketing and administrative expenses grew to N18.282 billion, an increase of 20.90% from N15.121 billion in 2021.

Profit after tax increased by 75.77% to N5.993 billion from N3.409 billion.

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Bonds

FCMB to Issue N30 Billion Series I Additional Tier 1 Bond

FCMB Group to borrow N30 billion from the debt market

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FCMB - Investors King

FCMB Group Plc, one of Nigeria’s leading tier II financial institutions, has perfected plans to raise N30 billion from the debt market via bond issuance.

The group disclosed this in a statement signed by Funmi Adedibu, Company Secretary on Tuesday, January 24, 2023, and obtained by Investors King.

The N30 billion series I bond is an additional bond under the bank’s N300 billion debt issuance programme. The announcement was done after the group completed the registration of its N300 billion debt issuance programme with the Securities and Exchange Commission and received approval.

Debt issuance is a method used to raise funds by both the government and public companies through the sale of bonds to external investors. 

In part, the statement reads, “the Issuance represents the first non-sharia local currency AT1 instrument to be issued in Nigeria and has received CBN’s no-objection.”

“FCMB Group will commence the book build in respect of the Series I Bond on January 24, 2023.”

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management.

 

 

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