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Oando extends release of 2015 audited result

Oando Plc says the company’s 2015 full year result will now be released on or before June 30, 2016 after failing to meet the earlier May 31 deadline.

The company, in a statement posted on its website, notified valued shareholders and key stakeholders that there had been a further extension to the release of its result.

The statement explained that additional enquiries and further engagement with the company’s auditor, Ernst & Young (“EY”), and post submission of numbers resulted to the delay.

It said that the additional enquiries resulted in delays to the finalisation of the accounts which in turn resulted in a delay in submitting the accounts to the Financial Reporting Council of Nigeria (FRCN) for regulatory review.

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The statement explained that the company was unable to meet with the earlier communicated timeline of May 31 for the submission of its accounts.

“We will work with EY and seek an accelerated approval process when the accounts are submitted to the FRCN.This is in order to ensure that we conclude and file our audited 2015 Results on or before 30 June, 2016,” it said.

It said that the company would keep all concerned abreast of any further developments.

The company on April 1, after failing to meet the regulatory deadline of March 31 for submission of audited result, notified investing public that the result would be ready on or before May 31.

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The company in a statement issued on April 1 also disclosed that 2015 full year earnings would be lower in line with third quarter 2015 performance.

“The company’s management will like to bring to the attention of its shareholders and investor community that the accounts of the company for 2015 will be in line with its Q3 2015 performance.”

It explained that the expected decline was attributable to the industry’s downturn, prevalent economic headwinds, fiscal and monetary restrictions driven by a challenging macro environment.

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“While we are actively restructuring the business to adapt to this difficult period, we are optimistic and steadfast in our commitment to return to profitability in 2016,” it said.

The NSE in November 2015 sanctioned Oando Plc for delay in filings of its audited financial statements (AFS) for the year ended Dec. 31, 2014.

It said that the company was sanctioned for violations of post-listing obligations in accordance with applicable rules of the NSE.

It would be recalled that Oando filed its audited financial statement for 2014 on Oct. 23, 2015 as well as its first quarter and half year 2015 interim unaudited accounts.

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