Oando applies best governance practice, set to release financial

OANDO PLC, THE NIGE RIAN INTE GRATED EN ERGY COM PANY, HAS MADE THE CLEAREST MOVE YET TO WARDS releasing its pending 2019 audited financials by committing itself to an end of first quarter date for the financial to reach regulators and all interested parties, including the public.

Oando explained in a statement that the delay in the release of the statement was part of the fallout of the indefinite suspension that was placed on its 2018 annual general meeting by the Securities and Exchange Commission (SEC) on June 10, 2019, which made it impossible for the company’s shareholders to meet to appoint an auditor to audit the 2019 financials.

The integrated energy solution company has since resolved its matter with the SEC and is now forging ahead to ensure that everything is done in line with the best global governance practises, including the release of its quarterly and annual reports for shareholders to see.

While the suspended lasted shareholders had been left in abeyance and hoped for a quick resolution. That would happen in July 2021 and set them up for the easing of the mind for which many of them expressed delight.

Following the settlement with SEC, Oando had its 42nd annual general meeting (AGM) in August of 2021, at which shareholders apstream) pointed Ernst & Young as auditors to the 2019 financials.

Oando said it was now looking forward to the 43rd annual general meeting to propose to shareholders that they appoint an auditor for the purpose of filing the audited financials for 2020 and 2021. The company said this was important because it would prevent having to hold two separate AGMS for this purpose, adding that this would prevent further delays in the release of the company’s financials.

Oando said it was 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.