Indigenous energy firm Oando Plc has announced a delay in the publication of its 2024 Audited Financial Statements, thus missing the regulatory deadline of March 31, 2025.
In a press release issued on Thursday, the company cited two primary reasons for this postponement, assuring shareholders and the public that the AFS is now expected to be completed and filed on or before May 30, 2025.
According to Oando, a significant factor contributing to the delay is the complex integration of the financial statements of Nigeria Agip Oil Company, which has been rebranded as Oando Energy Resources Nigeria Limited following its acquisition and the expanded Internal Controls Over Financial Reporting Requirements issued by the Financial Reporting Council of Nigeria.
Oando stated, “Following the acquisition of Nigeria Agip Oil Company (now Oando Energy Resources Nigeria Limited), Oando must integrate OERNL’s financials into its consolidated statements, in compliance with IFRS 3 requirements. This involves aligning accounting policies, mapping charts of accounts, and integrating legacy systems (SAP and Oracle Fusion). While significant progress has been made, the process has been delayed due to pending responses from ENI regarding critical financial data. Given the material impact of this integration on the Group’s financials, its completion is essential before finalising the audit.
“In July 2024, the Financial Reporting Council of Nigeria revised its ICFR guidelines, expanding the definition of Public Interest Entities (to include government licensees and companies with an annual turnover exceeding N30bn). Consequently, certain Oando subsidiaries, including OERNL, now require additional scoping and testing as part of the 2024 audit. Given the complexity of these new requirements, the ICFR process—including attestations from the Group Chief Executive, Group Chief Financial Officer, and independent auditors— will not be fully completed until the end of March 2025.”
The energy company said its management is actively overseeing the audit process to ensure the timely resolution of outstanding matters, engaging with its auditors to mitigate further delays and is in continuous dialogue with regulators to manage the revised filing timeline.