Oando Plc says its inability to meet a deadline in filing third quarter financial results is as a result of the indefinite suspension the Security and Exchange Commission placed on the company’s 2018 Annual General Meeting.
Oando, in a statement on Monday, said, “The inability of the company to meet its 2020 Q3 UFS NSE Filing of Accounts obligation by the stipulated due date is as a result of the indefinite suspension of the Company’s 2018 Annual General Meeting.”
It noted SEC had suspended the company’s 2018 AGM, following an ex parte order of a federal high court in Lagos.
Consequently, Oando said it was unable to appoint auditors to commence an audit exercise into the company’s 2019 accounts.
It also said the suspension affected the ability of the company’s directors to lay before the shareholders for approval, its 2018 audited financial statements as well as the shareholders’ inability to re-appoint the auditors to hold office for the 2019 financial year.
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