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Nigeria’s Oando blames SEC for inability to audit accounts, files reports

By on December 7, 2020 0 113 Views

By Samuel Bankole

Nigeria’s energy firm, Oando Plc on Monday attributed its inability to render its quarterly financial reports and filing of its 2019 financial and statement of accounts with the Nigerian Stock Exchange (NSE) to the suspension of its Annual General Meeting (AGM) by the capital market regulator, Securities and Exchange Commission (SEC).

The energy firm in a regulatory filing with the NSE said the suspension has impaired its ability to hire an audit firm to look through its books.

“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 Annual General Meeting (AGM),” The company said.

It said; “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 suspension of the AGM, has resulted in the following amongst other things:
the inability of the Directors to lay before the shareholders for approval, the
Company’s 2018 Audited Financial Statements.”

The energy company also stated that it has not been able to re-appoint the auditors of the Company to hold office for the 2019 financial year; the inability of the Company to meet its 2019 financial year-end NSE Filing of Accounts obligation by the due date of March 31, 2020, and the inability of the Company to meet its 2020 Q1, Q2 and Q3 UFS NSE Filing of Accounts obligations by their respective stipulated dates.

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According to the rule of the NSE Rules on Filing of Accounts and Treatment of Default Filing, listed companies are expected to file their financial reports not later than three months after the end of their financial year.

The companies are also expected to file their quarterly report with the local bourse within a stipulated period of time.

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The capital market regulator, SEC had suspended the holding of Oando 2018 AGM due to some irregularities found in the company’s financials and equity holdings.

On June 10, 2019, the commission had asked Oando to call off its planned shareholder’s meeting based on the litigation against SEC by the firm after the regulator investigations unearth some infractions by key principals of the firm.

SEC had asked the Chief executive officers of the energy company, Wale Tinubu and his deputy Omamse Boyo to step down from their positions in the company while the commission set up an interim team to supervise the operations of the company and also appoint a new management team and board for the energy firm.

However, Tinubu and his deputy dragged the capital market regulator to court to restrain it from carrying out its threat to remove him and his deputy from office.

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