Oando Plc Slides Amidst Late Earnings Filing
Oando Plc’s market value tanked amid deteriorating investor sentiment, as the energy company failed to release its audited annual financial results on the Nigerian Exchange.
Trading data from the Nigerian Exchange (NGX) showed that Oando’s share price declined to N46.95 from its 7-day high of N47.50, a soft dip as the market anticipates earnings release.
Data from the stock market showed that Oando is trading at about 34% discount below its 52-week high. The company’s share price had peaked at N71.
Transaction volumes have been relatively strong, as investors trading highs and lows in the local bourse continue to show interest in energy-linked companies’ stocks.
Oando Plc.’s late audited earnings release, a pattern that has been seen before, is affecting investment actions in the energy company’s shares.
In a regulatory disclosure, the company told the Nigerian Exchange that it will complete and file the 2025 audited financial statement on or before May 30, 2026.
: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, harmonisation of reporting frameworks, and comprehensive mapping and consolidation of charts of accounts to ensure consistency, accuracy, and compliance with applicable financial reporting standards.
“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 said in a regulatory disclosure. Sahara AI Gains 26% on Sector Rotation, Speculation
