A potential delay in the release of the 2017 financial result of Nigeria’s integrated indigenous oil and gas company, Oando Plc, is now certain following plans by the Financial Reporting Council of Nigeria (FRCN) to review the results before publication.
The FRCN is believed to have effectively indicated its interest to undertake what is planned to be a more detailed review of the indigenous oil and gas major’s audited statements as part of its statutory review due to what analysts believe is not unconnected with a recent investigation by the Securities and Exchange Commission (SEC).
The result, being expected by analysts and shareholders are for the full financial year ended December 31, 2017.
The company Thursday notified the Nigerian Stock Exchange and its shareholders as well as other key stakeholders about the likely delay.
Ayotola Jagun, chief compliance officer, and company secretary envisaged that the FRCN’s review might take longer than originally anticipated.
The company may not be able to file the accounts until the second week in May, the exact date of filing will be dependent on the turnaround time at the FRCN, Ayoola said.
SEC had last year ordered the suspension of trading on Oando shares due to petitions from Dahiru Mangal and Ansbury Incorporated, local and international investors respectively in the company. Moves had been made to resolve the issues with both parties and Mangal is believed to have reached some understanding with the company executives and board.
Frontpage August 23, 2019