By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said on Tuesday its continuing its review the situation regarding the delayed filings of the Audited Financial Statements of Oando Plc for the year ended December 31, 2014 and its first and second quarters (Q1 Q2) delayed filings.
“The Exchange is greatly concerned about the delayed filings and the significant losses which were posted for the 2014 fiscal year and the first three (3) quarters of 2015,” the NSE said in a statement posted on its official website.
According to the NSE, following the filing of the oil marketer’s 2014 audited accounts and Q1 and H1 2015 interim unaudited accounts on October 23, 2015, the filings followed several engagements with the Exchange both before and after the due dates for these filings.
The NSE disclosed that as part of the engagements, it directed that Oando’s top management should discuss the delay with the dealing clerks on the trading floor of October 23, 2015.
“Oando made the filings just before the meeting, during the interaction with dealing clerks, the CEO of Oando, Wale Tinubu, committed to holding Facts behind the Figures (FBF) session on Monday, 26 October 2015 at The Exchange. The FBF held as scheduled, with atten?dance from the media, representatives of shareholders’ associations and dealing members of The Exchange. Oando filed its Q3 interim unaudited accounts on 26 October 2015,” the NSE added.
The Nigeria’s Exchange said Oando has been sanctioned for violations of its post-listing obligations in accordance with applicable Rules of The Exchange.
The NSE added it has invited Oando’s audit committee as well as its external auditors. “Should the Exchange’s continuing review reveal that Oando committed other infractions, the Exchange will mete out appropriate sanctions pursuant to its Rules. The Exchange has reported the situation to the Securities and Exchange Commission. And, will involve other stakeholders, as appropriate,” it added.
Shares of Oando at the end of today’s trading on the Nigerian bourse grew 8.68 percent to N6.51 from N5.99 recorded the previous session; gaining 0.52 kobo per share. ?
