Medview Airline, Oando, 13 others violate NGX post-listing requirement
Medview Airlines Plc, Oando Plc, and 13 other listed companies have failed to submit their 2020 audited result and accounts on the Nigerian Exchange Limited (NGX).
The Exchange disclosed that Thomas Wyatt Nigeria Plc, The Tourist Company of Nigeria Plc, Goldlink Insurance Plc, Capital Oil Plc, Resort Savings & Loans Plc, Standard Alliance Insurance Plc and Union Homes Savings & Loans Plc are the other companies have also failed to submit their 2020 audited results to the market stakeholders, a post-listing requirement for companies on the NGX.
Others are International Energy Insurance Plc, ASO Savings & Loans Plc, STACO Insurance Plc, Deap Capital Management & Trust Plc, DN Tyre & Rubber Plc and Multi-Trex Integrated Foods Plc.
Westernpost gathered that three companies; The Tourist Company of Nigeria Plc, Multi-Trex Integrated Foods Plc and ASO Savings and Loans were granted approval to proceed with the regulatory delisting process.
Westernpost gathered that some of the companies like ASO Savings & Loans, Capital Oil, Multi-Trex Integrated Foods, DN Tyre & Rubber, and Resort Savings & Loans Plc, have not submitted audited results since 2014 to investing public.
Post-listing rules at the NGX require quoted companies to submit their audited earnings reports not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.
Oando, however, had indicated that it would not be able to meet the initiative time set for the submission of its full-year audited report for the year ended December 31, 2019.
The company said: “Oando’s audited financial statement (AFS) for the year ended December 31, 2019 are yet to be finalised and will not be in a position to file the 2019 AFS before end of first quarter (Q1) 2022 as earlier communicated in our press release of February 3, 2022.”
It explained that the audit is taking longer than expected due to the mandatory audit of post balance sheet events that have occurred subsequent to the 2019 reporting period.
“We hereby confirm that the 2019 audit is in the finalization stage. We envisage that the board of directors will be able to approve the 2019 AFS on or before April 30, 2022.
“Following the approval, management and the auditors will approach the Financial Reporting Council for final approval and release of the financial statements.
“Tentative dates for the release of other outstanding accounts such as 2020 AFS and the unaudited financial accounts for Q1, Q2, Q3 and Q4, 2021 are as follows; May 3, 2022, July 31, 2022, August 5, 2022 and October 31, 2022, respectively.”
It assured that the company will continue to comply with other continuous disclosure requirements within the time prescribed by applicable regulations.
It would be recalled that Oando resolved its dispute with SEC in July 2021, and subsequently held its 42nd Annual General Meeting (AGM) in August of the same year.
