Oando Plc announced a delay in the release of its 2024 Audited Financial Statements (AFS). In compliance with Rule 1.1.4 of the NGX Rulebook on the Filing of Accounts and Treatment of Default Filing, the company disclosed that it was unable to meet the regulatory deadline of March 31, 2025.
Oando now expects to complete and file the 2024 AFS on or before May 30, 2025.
The delay is primarily due to the accounting for the Nigeria Agip Oil Company (NAOC) Acquisition and expanded Internal Controls Over Financial Reporting (ICFR) Requirements.
Oando reassured its shareholders and the public of its commitment to transparency and regulatory compliance, stating that all necessary steps are being taken to ensure the timely and accurate completion of its financial statements.
According to the notices released on the Nigerian Exchange Limited (NGX) signed by Ayotola Jagun the Chief Compliance Officer and Company Secretary, the statement indicates that following the acquisition of Nigeria Agip Oil Company (now Oando Energy Resources Nigeria Limited – OERNL), Oando must integrate OERNL’s financials into its consolidated statements, in compliance with IFRS 3 requirements.
This involves aligning accounting policies, mapping charts of accounts, and integrating legacy systems, including SAP and Oracle Fusion.
While significant progress has been made, the process has been delayed due to pending responses from ENI regarding critical financial data.
Given the material impact of this integration on the Group’s financials, its completion is essential before finalising the audit.
In July 2024, the Financial Reporting Council of Nigeria (FRC) revised its ICFR guidelines, expanding the definition of Public Interest Entities (PIEs) to include Government Licensees and companies with an annual turnover exceeding N30 billion.
Consequently, certain Oando subsidiaries, including OERNL, now require additional scoping and testing as part of the 2024 audit.
Given the complexity of these new requirements, the ICFR process, including attestations from the Group Chief Executive (GCE), Group Chief Financial Officer (GCFO), and independent auditors, will not be fully completed until the end of March 2025
The company apologises for any inconvenience caused by this delay and reaffirms its commitment to regulatory compliance and transparency.
