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Nigerian energy firm, Oando Plc, says its failure to submit the third quarter 2020 financial results was caused by the indefinite suspension of the company’s Annual General Meeting.
The company said this in a disclosure notice sent to the Nigerian Stock Exchange, NSE.
The disclosure, signed by Ayantola Jagun, Oando’s secretary, said the integrated energy company has been unable to commence an audit of accounts due to the indefinite suspension of its 2018 annual general meeting (AGM) by the Security and Exchange Commission.
“The inability of the Company to meet its 2020 Q3 UFS NSE Filing of Accounts obligation by the stipulated due date is as a result of the indefinite suspension of the Company’s 2018 AGM,” the statement read.
“On July, 20, 2020 by way of an official press statement the Company had informed our stakeholders that the Securities and Exchange Commission (SEC) notified the public and Oando on Monday, June 10, 2019, that, further to the Ex-parte Order of the Federal High Court, Ikoyi, Lagos in Suit No: FHC/L/Cs/910/19 in Mr. Jubril Adewale Tinubu & Anor v Securities & Exchange Commission & Anor, it had suspended the Company’s 2018 AGM till further notice.
“Following the SEC’s suspension of Oando’s AGM, the Company has been unable to appoint Auditors to commence an audit exercise into the Company’s 2019 accounts.”
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Last year, the Securities and Exchange Commission (SEC) announced the results of its forensic investigations of Oando Plc over underhand dealings and directed the resignation of some of the company’s board members.
The Commission also barred the company’s Group Chief Executive Officer (GCEO), Wale Tinubu and his Deputy Group Chief Executive Officer (DGCEO), Omamofe Boyo from being directors of public companies for a period of five years.
Messrs Tinubu and Boyo later secured an interim injunction from the court which prevented the SEC from executing an interim management in the company.
Consequently, SEC suspended the company’s Annual General Meeting (AGM).
On Monday, the company noted that the suspension by SEC has affected its shareholders’ ability to approve 2018 financial statements and reappoint auditors for the 2019 financial year.
“Oando PLC apologizes for any inconveniences caused and will update the market on the outcome of the above-mentioned case in due course,” it said.
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