Oando noted that while progress has been made, the process has hit a snag due to outstanding financial data needed from ENI, the former owner of Agip. The company emphasized that completing the integration is vital, given the significant effect it will have on the Group’s overall financial statements.
Lagos,Nigeria – Oando Plc has announced a delay in the release of its 2024 Audited Financial Statements (AFS), missing the March 31, 2025 deadline set by regulators.
The indigenous energy company, in a statement issued on Thursday, explained that the delay is due to two main challenges: the intricate integration of Nigeria Agip Oil Company into its operations, and newly expanded financial reporting requirements.
The company assured stakeholders that the financial report is now expected to be finalized and submitted on or before May 30, 2025.
A major contributor to the delay, according to Oando, is the ongoing process of consolidating the financials of Nigeria Agip Oil Company, which was recently rebranded as Oando Energy Resources Nigeria Limited (OERNL) following its acquisition. The process, guided by International Financial Reporting Standards (IFRS 3), involves aligning accounting practices, synchronizing charts of accounts, and merging different legacy systems—specifically SAP and Oracle Fusion.
Oando noted that while progress has been made, the process has hit a snag due to outstanding financial data needed from ENI, the former owner of Agip. The company emphasized that completing the integration is vital, given the significant effect it will have on the Group’s overall financial statements.
In addition, Oando cited the updated Internal Controls Over Financial Reporting (ICFR) regulations introduced by the Financial Reporting Council of Nigeria in July 2024. The revised guidelines now classify companies with annual turnovers exceeding N30 billion and those holding government licenses as Public Interest Entities. This reclassification has brought several Oando subsidiaries, including OERNL, under the scope of enhanced financial scrutiny.
As a result, the ICFR procedures—which include assessments and sign-offs from the Group’s Chief Executive Officer, Chief Financial Officer, and external auditors—will not be fully completed until the end of March 2025, further contributing to the reporting delay.
The company reaffirmed its commitment to transparency and regulatory compliance, stating that its management is closely supervising the audit process. Oando added that it is working closely with its auditors and engaging with relevant regulatory bodies to ensure the revised reporting timeline is met without further setbacks.
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