Multiverse appoints new External Auditors
The Board of Multiverse Mining and Exploration Plc, the only mining services firm listed on the Nigerian Stock Exchange ( NSE), has announced the appointment of Messrs Olukayode Aina & Co. and as its new external auditors.
Messrs Olukayode Aina & Co. is a firm of Chartered Accountants which was founded in 1991 and has since played a key role in offering accounting and auditing services to the general public since its formation.
In a notice filed at the NSE on Friday, the Lagos-based mining firm said the appointment of the new external auditors was made since its former external editors, Messrs Sola Oyetayo & Co, were no longer eligible for reappointment having served the company for 10 years.
“Our external auditors, Messrs Sola Oyetayo & Co., has carried out statutory audit assignments in our com- pany for a period of 10 years and in line with Corporate Governance rules ceased to be eligible for re- appointment at the end of our 15th Annual General Meeting held on December 11, 2018,” the firm stated.
Results for the ninemonth to September 30, 2018 show that revenue of the mining firm ballooned by 119 percent to N2.44 million from N1.12 million recorded a year earlier.
However, the firm recorded a loss of N121 million in the first nine months of 2018, this is against a posttax profit of N76.15 million recorded in the same period in 2017.
Total assets fell to N4.5 billion as at the end September 2018, down from N4.53 billion recorded in same period in 2017, while the company’s net value, which represents shareholders’ equity, dropped by 18 percent to N960 million from N1.17 billion in the same period last year.
Shares of Multiverse stood at 20 kobo from a peak of 50 Kobo in January 2018 after NSE officially reviewed its 50 kobo minimum floor policy for stocks trading on the exchange, indicating the stock was trading above its intrinsic value.
Multiverse Mining and Exploration Plc, formerly known as Multiverse Plc until November 2015, was incorporated on June 20, 2002 and listed on the NSE on April 18, 2008.
The firm engages in the business of exploring, extracting, prospecting, boring, refining, drilling for, producing, and quarry mining of stones and other extractive solid minerals in Nigeria. It primarily explores lead, zinc, copper, gold, tin, tantalite, silver, barite, columbite, and tourmaline.
It operates granite quarrying operations in Oloparun and Alaguntan sites located in Abeokuta, Ogun State, as well as solid mineral mining operations located in Azara and Abuni sites in Nassarawa State.