July 20, 2024

According to The ICIR, Oando Plc’s audited financial statements presented to the investing public might be more accessible.

On Monday, September 18, the NGX published its financial report on its website.

The NGX required quoted businesses to provide audited results no later than 90 calendar days, or three months, following the completion of the term – a period in this case representing a year – as a post-listing rule.

The NGX created the post-listing requirement to protect investors and maintain market integrity by providing compliance-related information on all listed businesses.

The ICIR discovered that Oando’s statement of financial condition, often known as the balance sheet, was issued by the NGX with blurry lines and certain incomprehensible values.

The Nigerian multinational energy corporation, which operates in the upstream, midstream, and downstream sectors, has apparently been in financial trouble since 2019.

The independent auditor, BDO Professional Services Chartered Accountants, expressed concern about the company’s capacity to continue as a “going concern” in its 2021 audited annual report.

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