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

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.