Nigerian oil firm, Oando Plc, on Monday blamed the Securities and Exchange Commission (SEC) for its inability to submit the third quarter 2020 financial results.
A disclosure by the integrated energy company, the company said it has been unable to commence an audit of accounts due to the indefinite suspension of its 2018 annual general meeting (AGM) by the SEC.
“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 AGM,” the statement read.
“On July, 20, 2020 by way of an official press statement the Company had informed our stakeholders that the Securities and Exchange Commission (SEC) notified the public and Oando on Monday, June 10, 2019, that, further to the Ex-parte Order of the Federal High Court, Ikoyi, Lagos in Suit No: FHC/L/Cs/910/19 in Mr. Jubril Adewale Tinubu & Anor v Securities & Exchange Commission & Anor, it had suspended the Company’s 2018 AGM till further notice.
“Following the SEC’s suspension of Oando’s AGM, the Company has been unable to appoint Auditors to commence an audit exercise into the Company’s 2019 accounts.”
In 2019, SEC found the energy company guilty of “serious infractions”, thereby barring Wale Tinubu, its chief executive officer (CEO) and Mofe Boyo, deputy CEO from the boards of public companies for five years.
In addition, SEC instituted an interim management to appoint new board of directors and a new management team for Oando.
Tinubu and Boyo secured an interim injunction from the court which prevented SEC from executing an interim management in the company. This prompted the apex capital market regulator to suspend the company’s Annual General Meeting (AGM).
On Monday, the company noted that the suspension by SEC has affected its shareholders’ ability to approve 2018 financial statements and reappoint auditors for the 2019 financial year.