Shareholders of some quoted companies who are yet to submit their 2022 financial year results and accounts on the Nigerian Exchange Limited (NGX) have been called upon to do so. Although some of these companies have informed the management of the NGX reasons behind not filing 2021 results.
It was gathered that the majority of the 11 companies that are yet to submit their results are undergoing reconstruction in compliance with NGX post-listing requirement.
Findings revealed that companies including; Oando Plc, Capital Oil Plc, Thomas Wyatt Nigeria Plc, Rak Unity Petroleum Company Plc, Medview Airline Plc, Standard Alliance Insurance Plc, International Energy Insurance Plc, Goldlink Insurance Plc, Resort Savings & Loans Plc, STACO Insurance Plc, Smart Products Nigeria Plc, Deap Capital Management & Trust and DN Tyre & Rubber Plc have not submitted 2021 financial year results to the NGX.
Whereas the post-listing rules of the Exchange in respect of financial accounts submission stated: “An issuer shall announce the financial statements for the full financial year immediately after the figures are available, but in any event not later than ninety (90) days after the relevant financial period.”
Only Oando Plc has notified the NGX of when their 2021 financial year result will be released.
In March 2022, Oando Plc notify capital market stakeholders that its financial year ended on 13 December 2021, and will be released in October 2022.
The Chief Compliance Officer and company secretary of Oando Plc, Mr. Ayotola Jagun in a statement apologized for any inconvenience caused, maintaining that concerted efforts are being made to finalize the accounts with the external auditors and to ensure that they continue to comply with other continuous disclosure requirements within the time prescribed by the applicable regulations.
Also speaking to the media, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Dr. Anthony Omojola said the failure to disclose financial statements by these companies is affecting shareholders’ decision-making in trading their stocks. He thereby called on market stakeholders to assist these firms in making sure audited 2021 results and accounts are released to the investing public.
Whereas, the Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie expressed disappointment with companies not accepting with post-listing requirements of the Exchange, stressing that the value of these companies is trading undervalued.
According to him: “As a shareholder, I am concerned that some listed companies have not released audited 2021 results to the public. We don’t know the problems of these companies and the management of NGX and SEC should intervene and find out their problems.”
