Energy company, Oando Plc is holding the Securities and Exchange Commission (SEC) responsible for its failure to submit its third quarter (Q3) 2020 financial results.
Last year, the company was found guilty of “serious infractions” by the SEC, which resulted in the blacklisting of its CEO, Wale Tinubu and Mofe Boyo, Deputy CEO from holding positions on boards of public companies for a period of five years.
Also, the SEC put in place temporary management to appoint a new board of directors and a new management team for the company.
However, the embattled CEO and his deputy secured an interim injunction from a Federal High Court which forestalled moves by the SEC to execute its rulings that would have seen the company run by an SEC installed management on an interim basis. Subsequently, the capital market regulator suspended Oando’s Annual General Meeting.
In a statement issued on Monday, the company stated it is unable to begin an audit of accounts as a result of the indefinite suspension of its 2018 annual general meeting (AGM) by the regulator.
“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 AGM,” the statement read.
“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 company stated that the suspension by SEC has affected its shareholders’ ability to approve 2018 financial statements and reappoint auditors for the 2019 financial year.
According to Oando, it has also been unable to file financial results for 2019 financial year, as well as Q1 and Q2 2020 results.
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