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.
Nigerian Stock Exchange Sheds N39 Billion on Monday
The Nigerian Stock Exchange opened the week in the red despite strong optimism.
Investors traded 738.525 million shares valued at N4.173 billion in 7,396 deals during the trading hours of Monday.
While market capitalisation of listed equities declined by 0.23 percent or N39 billion from N21.53 trillion recorded on Friday to settle at N21.491 trillion on Monday.
The NSE All-Share Index dipped by 93.76 index points from 41,176.14 it closed on Friday to 41,082.38 index points on Monday.
Japaul Gold led the most traded stocks with 92,361,027 shares worth N145,792,642.99 as investors continued to jump the company ahead of its mine deal with H&H Mines Limited. See the details below.
Top Trades in the Nigerian Stock Exchange
Top Gainers in The Nigerian Stock Exchange
Top Losers in the Nigerian Stock Exchange
Investors Continue to Jump on Japaul Shares Ahead of Gold Mine Deal
Stock investors traded 92,361,027 shares of Japaul Gold and Ventures Plc valued at N145,792,642.99 on Monday as sentiment jumped through the roof following a strong bullish run last week.
Japaul closed with a 56.70 percent gain last week to close at N1.52 per share. The biggest gain for the week.
On Monday, investors continue buying everything Japaul ahead of the H&H Mines deal. However, the company sheds 6.58 percent to close at N1.42 per share.
Read about the deal here Japaul to Invest in Chinese Firm H&H to Deepen Mining and Exploration Business
Despite the uncertainty attached to the deal, investors are predicting about N5 for Japaul in 2021 and largely attracted to the stock because of its low price.
Japaul Gold and Ventures Extends Gains by 56.70 Percent Last Week Despite Uncertain Mining Deal
Investors don’t seem to be slowing down on Japaul Gold and Ventures Plc after the company announced it was investing in H&H Mines Limited in November 2020 and even changed its name from Japaul Oil and Maritime Services Plc to Japaul Gold & Ventures Plc.
The price of the company’s share gained 55 kobo or 56.70 percent from 97 kobo in the previous week to N1.52 per share last week. The largest gain per single stock on the Nigerian Stock Exchange last week.
Mutual Benefits Assurance Plc followed with 50 percent gain or 14 kobo from 28 kobo per share to 42 kobo per share.
Japaul Gold and Ventures Plc Uncertainties and Risks
Despite a series of complications highlighted by Japaul Gold and Ventures Plc concerning the deal in November, investors seem to be blinded to the level of uncertainties attached to a deal that depends on the success of proposed fundraising to be closed.
The company had announced that it has gotten approval to invest or acquire shares in H&H Mines Limited after its fundraising exercise. Meaning, a failure or suspension of fundraising due to COVID-19 second phase could derail or delay Japaul’s plans to acquire or invest in the company.
Another shocking statement made by Japaul was that the last lap of exploration works will allow the company to know the degree of minerals reserve contained in the mine, meaning it does not know precisely before seeking approval from H&H Mines Limited.
Also, Japaul is not certain it would be carried along, according to an excerpt from the company’s December statement.
“Since Japaul will eventually be part of H&H Mines Limited, it was necessary that Japaul is carried along on the kind of Contract of Drilling to be entered into, and that was why the signing of the Drilling Contract between the Chinese Company and H&H Mines Limited was concluded at Japaul’s Head Office,” the company stated.
Finance4 weeks ago
Central Bank Closes 42 Microfinance Banks
Finance4 weeks ago
Zenith Bank Invests Over N12 Billion in Targeted Interventions, Posts N178 Billion PAT
Cryptocurrency4 weeks ago
US Securities and Exchange Commission Goes After Ripple(XRP)
Crude Oil4 weeks ago
Brent Crude Oil Dropped 1.9 Percent Amid Fast-spreading New Coronavirus
News2 weeks ago
Heartbroken American Mistress Displays Dangote’s Buttocks in a Viral Video
News4 weeks ago
Nigeria Prefers NIN Linked SIM Cards to Health as Crowd Gathers at NIMC Enrolment Centres
Crude Oil4 weeks ago
Seplat, Waltersmith Signed Crude Oil Purchase Agreement
News3 weeks ago
FCMB Group MD Links to Death of Tunde Thomas, Husband of Married Staff He Fathered Her Kids