Oando Plc informed the Nigerian Stock Exchange (NSE) that it was unable to file its 2015 corporate results before the March 31 deadline as required by the exchange’s rules since there was a need to refer it to the Financial Reporting Council of Nigeria (FRC) before it would be made public.
In a statement to the NSE, the management said it would like to advise shareholders, key stakeholders and the wider investors community that it was unable to complete the 2015 audit and issue the audited accounts before the March 31 deadline, as required by exchange rules.
The statement said OandO had worked diligently with its external auditor to ensure a swift conclusion of the audit process, “however, after reviewing the financials, EY indicated that the Accounts may likely need to be referred to the Financial Reporting Council of Nigeria (“FRC”) pursuant to Rule 5 of the recently publicised FRC Rules.”
The management said, “We expect the process to be concluded on or before 31 May, 2016, however this is dependent on the completion of the external review process as referred to above. The company’s management would also like to bring to the attention of its shareholders and the investor community that the accounts of the company at FYE 2015 will be in line with its Q3 2015 performance.”
The statement further said, “The expected decline is attributable to the industry’s downturn, prevalent economic headwinds, as well as fiscal and monetary restrictions driven by a challenging macro environment. While we are actively restructuring the business to adapt to this difficult period, we are optimistic and steadfast in our commitment to return to profitability in 2016.”
OandO Plc was a strong player in the downstream sector and among the major petroleum product marketers in Nigeria and its also quoted on the floor of the Lagos bourse.
