The management of Oando Plc, on Friday sought a waiver from the Nigerian Stock Exchange (NSE) to submit its 2015 audited account outside the 90-day grace allowed as part of the post-listing requirements which ended a day earlier.
A statement by the Lagos-based energy giant made available to stockbrokers through the NSE during Friday’s trading noted the advice of Ernst & Young, its firm of external auditors indicating “that the accounts may likely need to be to referred to the Financial Reporting Council of Nigeria (FRC), pursuant to Rule 5 of the recently publicised FRC Rules.”
The process, according to the statement signed by its Chief Compliance Officer/Company Secretary, Ayotola Jagun, is expected “to be concluded on or before May 31, 2016,” depending on the completion of the external review process.
The company also used the opportunity “to bring to the attention of its shareholders and investor community that the accounts of the company at FYE (Financial Year End) 2015 will be in line with its Q3 (third quarter) 2015 performance.
“The expected decline is attributable to the industry’s downturn, prevalent economic headwinds, as well as fiscal and monetary restrictions driven by a challenging macro environment,” it added.
Jagun also expressed the management’s commitment to actively restructure the business, adapt to the prevailing difficult operating environment, while remaining optimistic of its return to profit in this financial year.