Oando to delay release of 2017 financial result

Oando Plc has announced a delay in releasing their 2017 full year financial result.

In a statement by the company, on Thursday, Oando explained that a request by the Financial Reporting Council of Nigeria (FRCN) to undertake a more detailed review of the company’s results was the reason for the delay.

“The Financial Reporting Council of Nigeria (FRCN) has indicated interest in undertaking a more detailed review of the Company’s Audited Financial Statements (AFS) 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).

“We envisage that the FRCN’s review might take longer than originally anticipated. Therefore, the Company may not be able to file the accounts until the second week in May, the exact date of filing will be dependent on the turnaround time at the FRCN,” the statement said.

This development was short of expectations because of the ongoing SEC forensic audit of the Company. The forensic audit was precipitated by alleged findings of the SEC, following an investigation into the Company which commenced in July 2017.

In October 2017, SEC released the findings of the investigation and called for a technical suspension on the trading of Oando’s shares as well as a forensic audit into the affairs of the Company.