Oando settlement with SEC, set to release its results

Oando, Nigeria’s leading energy solutions provider confirmed that it will release its 2019 audited financial statement at the end of Q1 2022.

In a statement issued on Wednesday, February 2, the company explained that its financials were delayed as a result of the then indefinite suspension of the Company’s 2018 Annual General Meeting (AGM) by the Securities and Exchange Commission (SEC) on June 10, 2019, thus preventing the company’s shareholders from appointing an auditor for its 2019 financials.

To the delight of shareholders, Oando resolved its dispute with the SEC in July 2021, and subsequently held its 42nd Annual General Meeting (AGM) in August of the same year. At the AGM, the shareholders appointed Ernst & Young as auditors of its 2019 financials.

Consequent to the audit and filing of its 2019 financials, Oando has explained that it will hold its 43rd AGM where it will propose that shareholders appoint an auditor for the filing of its 2020 and 2021 audited financial statements rather than having two separate AGMs for this purpose, all towards mitigating any further delays in the release of its financials.

In this regard the company is confident that it will be in full compliance with its regulatory requirements regarding its Annual Financial Statements and Unaudited Financial Statements by the end of December 2022.