Oando has announced a delay in the release of its 2017 financial reports for the twelve months ended December 31, 2017. The embattled oil-giant further disclosed that the company may not be able to file its accounts until the second week in May 2018.
According to the company, the Financial Reporting Council of Nigeria FRCN has indicated interest in undertaking a more detailed review of the Company’s Audited Financial Statements 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).
2017 was a tough year for Oando, and 2018 seems to be taking the same pattern. The company has had to battle with several aggrieved shareholders. First out of the blues were the duo of Mangal and Volpi with a petition to the SEC. They alleged Oando’s management had been reckless, while Volpi, in addition, accused Wale Tinubu-Group Chief Executive of Oando PLC and Mofe Boyo-Deputy Group Chief Executive of Oando PLC for failing to repay a loan he had given them.
Oando in its defence accused Mangal of not declaring his interests, and Volpi of being a shareholder of an offshore entity, hence having no say in the running of the company.
The petition from the duo led to the Securities and Exchange Commission to order an initial investigation into the affairs of the firm. SEC then announced a planned forensic audit based on its initial findings which revealed that the company had breached sections of the Investment and Securities Act 2007 and the SEC Code of Corporate Governance.
However, a peace deal was brokered by the Emir of Kano, Lamido Sanusi this led to the appointment of Alhaji Bukar Aji as a non-executive director.
A cross-section of the aggrieved shareholders under the aegis of Oando Shareholders Solidarity Association (OSSA) signed by its chairman Clement Ebiri maintained that a forensic audit by the Securities and Exchange Commission (SEC) must go on. Their insistence comes on the heels of Dahiru Mangal, withdrawing a petition he had written against Oando.
Yesterday, Oando Plc shares closed at ₦5.99 in the trading session and are currently on a partial technical suspension.
