Oando PLC has announced a delay in releasing its 2023 audited financial statements. The company cited the need for more time to finalize the audit process. This delay impacts the expected filing date initially set for July 31, 2024.
Delay in 2023 Audited Financial Statements
Reasons for the Delay
Oando PLC attributes the delay to the extensive audit process required to finalize the 2023 financial statements. The company aims to ensure accuracy and compliance with regulatory standards.
Revised Timeline
Oando PLC has been granted an extension by the NGX. The company now expects to publish its 2023 audited financial statements by September 30, 2024. This will also include the Q1 and Q2 2024 management accounts.
| Key Dates | Event |
|---|---|
| April 2024 | Publication of 2022 audited financial statements |
| May 2024 | Publication of Q1-Q4 2023 unaudited financials |
| August 31, 2024 | Expected finalization of 2023 audit |
| September 30, 2024 | Expected publication of 2023 AFS and Q1, Q2 2024 |
Compliance and Regulatory Process
Approval and Submission
After finalizing the audit, the 2023 financial statements will be presented to the Board of Directors for approval. Following this, the statements will be submitted to the Financial Reporting Council of Nigeria for regulatory approval. Only after this approval will the statements be publicly released.
Impact on Shareholders
Oando PLC has apologized to its shareholders and the public for any inconvenience caused by this delay. The company assures that it is working diligently to meet the new deadlines.
Conclusion
Oando PLC is committed to transparency and compliance with financial reporting standards. The company will keep the market informed of any further updates regarding the delay in the publication of its 2023 audited financial statements.