By Foster Obi
Delay in the release of the 2017 financial result of Oando Plc, has become inevitable following plans by the Financial Reporting Council of Nigeria (FRCN) to review the results before publication.
The FRCN is believed to have decided to conduct a more detailed review of the indigenous oil and gas major’s audited statements as part of its statutory review which stakeholders believe is not unconnected with a recent investigation by the Securities and Exchange Commission (SEC).
The result expected by shareholders is for the full financial year ended December 31, 2017.
The company Thursday notified the Nigerian Stock Exchange and its shareholders as well as other key stakeholders about the likely delay.
A release by the company said, “This is to inform our valued shareholders and key stakeholders that there will be a delay in the release of Oando PLC’s (the Company) financial results for the twelve months ended December 31, 2017.
“The Financial Reporting Council of Nigeria (FRCN) has indicated interest in undertaking a more detailed review of the Company’s Audited Financial Statements (AFS) as part of their statutory review due to the issues raised by the recent investigation of the Company by the Securities and Exchange Commission (SEC).
“We envisage that the FRCN’s review might take longer than originally anticipated. Therefore, the Company may not be able to file the accounts until the second week in May, the exact date of filing will be dependent on the turnaround time at the FRCN.
“Oando PLC apologizes for any inconvenience caused and will update the market in due course,” the release stated.
It must be recalled that SEC had last year ordered the suspension of trading on Oando shares due to petitions from Dahiru Mangal and Ansbury Incorporated, local and international investors respectively in the company.”
