By Bamidele Famoofo
WorldStage– Oando Plc, Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE Limited), has said it is likely not to submit its audited financial statement for 2025 latest by March 31, 2026 as stipulated by the rules of the NGX, due to some internal migration issues arising from its acquisition of Nigerian Agip Oil Company (NAOC) .
On August 22, 2024, Oando Plc announced the successful completion of its acquisition of 100 percent of the shares of NAOC from Italian energy giant Eni for a total consideration of US$783 million. This strategic acquisition significantly boosts Oando’s upstream operations, doubling its participating interests in OMLs 60, 61, 62, and 63 from 20 percent to 40 percent.
In a notice filed with the NGX Ltd, Oando’s Chief Financial Officer, Adeola Ogunsemi, noted that the delay is principally due to the ongoing migration and integration of the Company’s legacy Enterprise Resource Planning (ERP) systems, with the system inherited as part of its recent Nigerian Agip Oil Company Limited (NAOC) acquisition. “This system integration process has necessitated extensive testing, alignment of accounting policies, harmonization of reporting frameworks, and comprehensive mapping and consolidation of charts of accounts to ensure consistency, accuracy, and compliance with applicable financial reporting standards,” the statement disclosed.
The Company now expects to complete and file the 2025 AFS on or before May 30, 2026.
“We do not expect the delay to exceed forty-five (45) days from the original filing deadline, after which the 2025 AFS will be presented to the Board for approval and subsequently submitted to the Financial Reporting Council of Nigeria (FRC) for regulatory clearance prior to public release.
“As we will be unable to file the Unaudited Financial Statements for the quarter ended 30 March 2026 (2026 Q1 UFS) prior to the publication of the 2025 AFS, we expect that both the 2026 Q1 UFS and the 2025 AFS will be filed on or before 30 May 2026,” Oando assures.
Ogunsemi reassures that the company remains firmly committed to the highest standards of financial reporting integrity, transparency and timely disclosure in compliance with the Listing Rules of NGX.
“We sincerely regret any inconvenience this delay may cause and appreciate the understanding and continued support of our stakeholders,” Oando said.
Oando Plc recorded a 15 percent revenue decline to N1.72 trillion in half year of 2025. The integrated energy company also recorded a 28 percent drop in gross profit to N59 billion, driven by lower trading activity, yet upstream production surged 63 percent to 37,012 boepd. Despite lower revenue, the company achieved a profit-after-tax of N63.31 million, compared to a N145.74 million loss in H1 2024.
