Oando Plc has announced it may be unable to publish its audited 2025 financial statements by March 31, 2026, the regulatory deadline, due to technical processes involved in systems integration.
The delay is connected to the company’s recent acquisition of Nigerian Agip Oil Company Limited, which came with business software systems that must now be merged with Oando’s existing platforms.
These Enterprise Resource Planning (ERP) systems manage key activities like accounting, procurement, supply chain, and human resources, meaning their data must be carefully matched and organized to ensure accurate financial reporting.
Because this process requires extensive testing and adjustments across financial records, Oando said the extra work may slow the completion and publication of its audited financial statements for 2025.
What Oando is saying
Oando stated that both the Q1 2026 unaudited results and the FY2025 audited financial statements are now expected to be filed on or before May 30, 2026.
- It added that the audited accounts will first be presented to the board for approval and then submitted to the Financial Reporting Council of Nigeria for regulatory clearance before public release.
Assuring shareholders and the public, the company stated it remains committed to high standards of financial reporting, transparency, and timely disclosure in line with the rules of Nigerian Exchange Group.
- “We sincerely regret any inconvenience this delay may cause and appreciate the understanding and continued support of our stakeholders,” the company said.
The development follows Oando’s integration process after completing the acquisition of 100% equity in Nigerian Agip Oil Company Limited from Eni in a $783 million transaction.
Get up to speed
In August 2024, Oando Plc confirmed in a press release that it had completed the acquisition of Nigerian Agip Oil Company Limited, marking a major milestone in its long-term growth strategy.
- Days later, the African Export-Import Bank revealed it had provided a $650 million lending facility to support the $783 million acquisition.
- Meanwhile, Italian oil major Eni said it received approval from the Nigerian Upstream Petroleum Regulatory Commission to sell its NAOC unit to Oando Plc.
Following the transaction, Oando’s participating interest in Oil Mining Leases 60, 61, 62, and 63 increased from 20% to 40%, giving it a larger stake in the NEPL/NAOC/OOL joint venture assets.
What you should know
After the acquisition, Oando Plc’s total reserves nearly doubled from 505.6 million barrels of oil equivalent (MMboe) to over 1 billion barrels, a 98% increase based on 2022 estimates.
- The company now holds stakes in key infrastructure, including around 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the 960MW Kwale-Okpai power plants.
- However, revenue fell from N4.08 trillion in 2024 to N3.21 trillion in 2025, with unaudited pretax profit dropping from N383.8 billion to N15.2 billion over the same period.
Despite this, the stock has gained over 24% year-to-date on the Nigerian Exchange Group, as investors anticipate more positive results from Q1 2026 financials.
