OANDO Plc’s audited financial statements released to the investing public could be more readable, The ICIR can report.
The NGX published the financial report on its website on Monday, September 18.
As a post-listing rule, the NGX required quoted companies to submit audited results not later than 90 calendar days, or three months, after the expiration of the period – a period in this case represents a year.
The NGX had designed the post-listing requirement to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
A check by The ICIR showed that Oando’s statement of financial position, otherwise known as the balance sheet, published by the NGX contained blurry lines and some unreadable figures.
Below is a screenshot of part of the report. Most affected are pages 18 and 19, which contained the company’s statement of financial position.
The Nigerian multinational energy company, operating in the upstream, midstream and downstream, has since 2019 been in a financial mess.
In its 2021 audited annual account, the independent auditor, BDO Professional Services Chartered Accountants, further raised concern about the company’s ability to continue as a “going concern.”