LAGOS – April 3, 2025 | Naija247news Business Desk – Leading indigenous oil and gas giant Oando Plc has officially informed shareholders and the investing public of a delay in the publication of its 2024 Audited Financial Statements (AFS), missing the regulatory deadline of March 31, 2025, as stipulated under Rule 1.1.4 of the Nigerian Exchange (NGX) Rulebook on Filing of Accounts.
Thank you for reading this post, don't forget to subscribe!In a corporate disclosure filed with the NGX, Oando attributed the delay to two critical factors:
1. Ongoing accounting processes related to the acquisition of Nigeria Agip Oil Company (NAOC) – a transformational deal finalized in late 2024 that significantly expanded Oando’s upstream portfolio;
2. Implementation of expanded Internal Controls Over Financial Reporting (ICFR) – in line with best practices and governance compliance expectations for publicly listed entities.
The company now projects that it will file the outstanding 2024 AFS on or before May 30, 2025.
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Company Snapshot: Oando Plc
Oando Plc remains one of Nigeria’s foremost energy players, with operations spanning both upstream and downstream segments of the oil and gas industry. The group is organized around two key business divisions:
• Crude and Refined Oil Trading – accounting for 78.6% of net sales;
• Exploration & Production (E&P) of oil and natural gas – contributing 21.4% to group revenue.
Notably, 79.6% of Oando’s sales are generated from international markets, further reinforcing the company’s strategic positioning as a regional energy leader.
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Sector Watch: Energy – Oil & Gas (Upstream/Downstream)
Oando Plc operates in the oil and gas sector, a volatile but high-value industry central to Nigeria’s export revenue and economic outlook. The company’s recent acquisition of NAOC positions it to play a greater role in the upstream landscape, even as the sector grapples with persistent pipeline sabotage, oil theft, and regulatory shifts.
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Financials & Valuation Outlook
While Oando’s full-year 2024 financials are still pending, market analysts expect the integration of NAOC assets to reflect positively in the company’s revenue and asset base. However, uncertainty lingers due to the delay in audited disclosures, recent sabotage of critical infrastructure, and global oil price fluctuations.
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Key Calendar Update
• Original Filing Deadline for 2024 AFS: March 31, 2025
• Expected Publication Date (Revised): On or before May 30, 2025
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Recent Highlights & Press Coverage
• Sabotage Hits Oando Pipelines in Bayelsa – April 12, 2025
• Completion of NAOC Acquisition Deal – December 2024
• Oando Expands Internal Financial Controls Post-Acquisition
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Market Insight: Analyst Reactions
While some analysts have downgraded Oando’s near-term outlook due to operational and security risks, others remain bullish on the company’s long-term potential post-NAOC acquisition, especially if upstream production stabilizes and governance reforms continue.
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