NSE Sanctions Oando For Delayed Filing Of Financial Results

SAN FRANCISCO, November 04, (THEWILL) – Nigerian Stock Exchange (NSE) has sanctioned Oando Plc for delayed filing of its audited financial statements (AFS) for the year ended Dec. 31, 2014.

This is contained in a statement by the exchange on Tuesday in Lagos.

It said that the company was sanctioned for violations of post-listing obligations in accordance with applicable rules of the Exchange.

The statement said that the NSE was reviewing the situation regarding the delayed filing of the company's AFS for 2014 financial year, first quarter and half years of 2015.

“The exchange is greatly concerned about the delayed filings and the significant losses which were posted for the 2014 fiscal year and the first three quarters of 2015,'' it said.

It will be recalled that Oando filed its 2014 on Oct. 23 as well as its first quarter and half year 2015 interim unaudited accounts.

“Oando's filing of its AFS and interim accounts followed several engagements with the Exchange both before and after the due dates for these filings,'' it added.

The statement said that the exchange had invited Oando's audit committee and its external auditors, noting that the company would be penalised accordingly if the review revealed that it committed other infractions.

“The exchange has reported the situation to the Securities and Exchange Commission and will involve other stakeholders, as appropriate,'' said the statement.