KEY POINTS
- Oando Plc may miss the March 31, 2026 deadline for publishing its 2025 audited financial statements due to ERP systems integration after acquiring NAOC.
- The company now expects to release both FY2025 audited accounts and Q1 2026 results by May 30, 2026 after board and regulatory approvals.
- Despite a recent revenue and profit decline, Oando’s reserves have nearly doubled following the $783 million NAOC acquisition, boosting long-term investor confidence.
Oando Plc has announced that it may be unable to publish its audited financial statements for the 2025 financial year by the March 31, 2026 regulatory deadline due to technical challenges linked to systems integration.
According to the company, the delay stems from the ongoing process of merging business software systems inherited from its recent acquisition of Nigerian Agip Oil Company Limited with Oando’s existing digital platforms.
These platforms, known as Enterprise Resource Planning (ERP) systems, support essential operational functions such as accounting, procurement, supply chain management, and human resources. The integration requires meticulous alignment of large volumes of financial and operational data to ensure the accuracy and reliability of the company’s financial reports.
Because of the complexity involved, including system testing, reconciliation of records, and technical adjustments, Oando said the completion and release of its 2025 audited financial statements could be delayed.
Company Targets May 30 for Financial Filings
The company disclosed that both its unaudited results for the first quarter of 2026 and the audited financial statements for FY2025 are now expected to be filed on or before May 30, 2026.
Oando explained that once the audited accounts are finalized, they will be submitted to its board of directors for approval. Following board endorsement, the financial statements will be forwarded to the Financial Reporting Council of Nigeria for regulatory clearance before being released publicly.
The company reassured investors and stakeholders that it remains committed to maintaining high standards of transparency, accurate reporting, and timely disclosures in compliance with the rules of the Nigerian Exchange Group.
“We sincerely regret any inconvenience this delay may cause and appreciate the understanding and continued support of our stakeholders,” the company said in a statement.
The integration challenges arise from Oando’s acquisition of 100 percent equity in Nigerian Agip Oil Company Limited from Eni in a $783 million transaction completed in August 2024.
The deal was supported by financing from the African Export-Import Bank, which provided a $650 million lending facility to help fund the acquisition.
Following regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission, Oando significantly expanded its upstream footprint.
