Nigerian energy company Oando has missed a deadline to release its financial results again — this time it is the 2023 audited financial statements.
The company had expected to file these statements by July 31.
After the publication of the 2022 audited financial statements in April and the unaudited financial statements for the first quarter to fourth quarter of 2023 in May 2024, the audit of the 2023 audited financial statements (AFS) commenced immediately.
“We are committed to finalising the said audit by August 31 2024. Subsequently, the 2023 AFS will be presented to the board for approval and submitted to the Financial Reporting Council of Nigeria for regulatory approval before being publicly released,” Oando said in a statement on Thursday.
In accordance with the extension applied for and granted by the Nigerian Stock Exchange — now the Nigerian Exchange Group — Oando expected to publish its 2023 AFS and first and second quarter 2024 management accounts by September 30, thereby bringing up to date all its outstanding financial reporting obligations, it said.
In April, Oando’s shares were suspended by the JSE, where it has a secondary listing, due to its inability to meet the extended deadline to publish its 2022 audited year-end results and the interim results for 2023.
Oando had earlier unsuccessfully asked the JSE for a further extension to file the accounts and requested that it hold off its communicated intention to suspend its listing. Oando has since released both sets of results, with those for the year to end-December 2023 being published on June 3.
The JSE lifted the suspension of its shares on June 5.
In its unaudited results for the 12 months to December 2023, the group reported profit after tax of 74.7-billion naira after a loss of N81.2bn the previous year. Turnover rose 71% to 3.4-trillion naira.
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