Oando Plc, informed the investing public, that the company will not be able to release its Full Year (FY) audited financial results, for the 12 months ended December 31, 2019 and its Q! 2020 Management Accounts.
According to a notice sent in to the Nigerian Stock Exchange (NSE), yesterday, Oando explained that it could not follow up with the due dates of May 29, 2020 and Jun 29, 2020, respectively, as directed by the Exchange on Rules on Filing Accounts and Treatment Default Filing.
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The notice read: “On Monday, June 10, 2019, the Securities and Exchange Commission (SEC) notified the public and Oando 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 Annual General Meeting (AGM) till further notice.
Following the SEC’s suspension of Oando’s AGM, the company has been unable to appoint auditors to commence the 2019 audit exercise. The mandate given to the Auditors at the 2018 Oando AGM, by the shareholders, was to audit the 2018 financials and not any other year”.
