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Oando says will fall behind in releasing 2019 audited report due to auditor delay

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By Samuel Bankole 

Oando Plc, the energy firm on Wednesday said it will further delay the release of its audited financial statement for 2019 and that of the subsequent two years due to the inability of its auditors to finalise works on the report.

In a regulatory filing on Wednesday, the energy firm said it will not be in a position to file the report before the end of the first quarter of the year as earlier communicated to the market.

According to the company, the audit is taking longer than expected due to the mandatory audit of post balance sheet events that have occurred subsequent to the 2019 reporting period.

Consequently, Oando has set a fresh tentative date for the filing of the report, saying it envisages that the board of directors will be able to approve the 2019 financial statement on or before April 30, 2022.

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“Following the approval, management and the auditors will approach the Financial Reporting Council for final approval and release of the financial statements.

“Tentative dates for the release of other outstanding accounts such as 2020 AFS and the unaudited financial accounts for Q1-Q4 2021.

Tentative dates Accounts to be released
1 May 3, 2022 2020 Unaudited Financial Statements
2 July 31, 2022 2020 Audited Financial Statements
3 August 5, 2022 2021 Unaudited Financial Statements
4 October 31, 2022 2021 Audited Financial Statements

“The Company sincerely apologises for any inconvenience caused as concerted efforts are being made to finalise the accounts with the external auditors and to ensure that the Company is in full compliance with its regulatory requirements.

“The Company will continue to comply with other continuous disclosure requirements within the time prescribed by applicable regulations,” Oando stated in the regulatory communication.

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