Nigeria’s leading indigenous energy group, Oando Plc, on Tuesday announced a further delay in the completion of its 2023 audit, a situation it attributed to its recent acquisition of Nigerian Agip Oil Company (NAOC), completed on August 22, 2024.

While regretting its inability to meet the September 30, 2024 deadline earlier communicated to the market for submitting its 2023 Audited Financial

Statements (AFS), and apologizing for any inconvenience caused, the group assured that “following the approval of an extension by the NGX, the company now anticipates filing its 2023 AFS no later than Wednesday, October  23, 2024.”

This, it said is, however, “subject to receipt of approval to do so from the Financial Reporting Council of Nigeria (FRC).”

In a filing on the Nigerian Exchange Limited (NGX) platform, Ms. Ayotola Jagun, the Chief Compliance Officer and Company Secretary, said the delay is “pursuant to the International Standard on Auditing 560 regarding Subsequent Events.”

The International Standard Auditing 560, she said, requires BDO Professional Services, its auditors “to thoroughly assess the impact of the acquisition on the Company’s financial status prior to issuing their opinion.

“Although the current audit relates to the financial year ending December 31, 2023, the auditors are required to consider any significant subsequent events that have transpired between that date and when their opinion is issued.

“As the Transaction was concluded on August 22, 2024, this has necessitated a review of all material agreements connected with the Transaction and their impact of the Company’s cash flows and going concern,” she added, restating Oando’s commitment to completing the audit promptly.

Thereafter, the statement assured, “the 2023 Annual Financial Statements (AFS) will be presented to the Board for approval and then submitted to the Financial Reporting Council (FRC) for regulatory approval before public release.