- Blames External Auditors’ Onboarding For Delay
The board of Oando Plc, at the weekend, published an updated timetable for the publication of its delayed audited financial statements.
In a notice to shareholders and stakeholders, the group in a statement by Ayotola Jagun, Chief Compliance Officer and Company Secretary, said it plans to release its “2020 and 2021 Audited Financial Statements, as well as Q1-Q3 2022 Unaudited Financial Statements as prescribed by the NGX Rules on Filing of Accounts and Treatment of Default Filing” between February 28 and August 31, 2023.
The statement recalled its statement of February 3, 2022, and its 43rd Annual General Meeting of August 2022, at which shareholders approved the 2019 Audited Financial Statements of the Company and appointed BDO Professional Services as new external auditors for the purpose of auditing the Company’s 2020 and 2021 Audited Financial Statements.
“Unfortunately, due to the lengthy onboarding process required for new external auditors and the complexity of auditing the several companies that make up the Oando Group, we wish to notify the market that the conclusion of the audit has been slightly delayed.
With all issues sorted out already, the group envisages that the directors and auditors will be in position to approve its financial statements in line with the now revised timetable.
Specifically, Oando Plc says shareholders should expect its audited financials for the year ended December 31, 2020 on February 28, 2023; while that of 2021 will be approved for release on May 31; and June 30, for the release of unaudited numbers for the first to fourth quarter of 2022.
Finally, the audited report for the 2022 financial year is now scheduled for release on August 31, 2023, even as the company expressed sincere regrets over “the inconvenience caused to our esteemed stakeholders by this further delay.”
It also confirmed “that concerted efforts are being made to finalize the above-stated accounts as soon as possible so as to ensure that the Company is in full compliance with its regulatory obligations.”