By Amaka Ifeakandu
Lagos
The management of Oando Plc has notified shareholders, key stakeholders, and wider investor community that from available indications it is unlikely to complete its 2015 audit and issue audited accounts on 31 March, 2016, as required by the NSE Rules (the Rules).
The company said it has worked diligently with its external auditor, Ernst & Young (“EY”) to ensure a swift conclusion to the audit process.
A statement issued by the company stated that after reviewing the financials, EY indicated that the accounts may likely need to be referred to the Financial Reporting Council of Nigeria (“FRC”) pursuant to Rule five of the recently publicised FRC Rules. The company said We expect the process to be concluded on or before 31 May, 2016, this however dependent on the completion of the external review process as referred to above.
The company’s management would also like to bring to the attention of its shareholders and the investor community that the accounts of the company at FYE 2015 will be in line with its Q3 2015 performance. The expected decline is attributable to the industry’s downturn, prevalent economic headwinds, as well as fiscal and monetary restrictions driven by a challenging macro environment.
“While we are actively restructuring the business to adapt to this difficult period, we are optimistic and steadfast in our commitment to return to profitability in 2016.
