Oando Plc has said it may not be able to publish its audited financial statements for 2025 by the regulatory deadline of March 31, 2026, due to ongoing technical processes linked to system integration.
The company explained that the situation arose after its acquisition of Nigerian Agip Oil Company Limited. The deal brought additional Enterprise Resource Planning (ERP) software that now needs to be integrated with Oando’s existing systems.
ERP platforms support critical operations such as accounting, procurement, supply chain management, and human resources. According to Oando, combining the data across these systems requires extensive testing and reconciliation to ensure the accuracy of financial records.
Because of this process, the company said the completion of its 2025 audited financial statements could take longer than expected.
Oando added that both its unaudited first-quarter 2026 results and the audited financial statements for 2025 are now expected to be submitted on or before May 30, 2026.
The firm noted that the audited results will first be reviewed and approved by its board before being forwarded to the Financial Reporting Council of Nigeria for regulatory clearance ahead of public release.
The company assured investors and stakeholders that it remains committed to transparency and compliance with reporting standards set by the Nigerian Exchange Group.
The development comes after Oando completed the acquisition of NAOC from Eni in a $783 million deal in 2024. Funding support for the acquisition included a $650 million facility from the African Export-Import Bank.
Following the acquisition, Oando increased its stake in Oil Mining Leases 60, 61, 62, and 63 from 20 percent to 40 percent, expanding its presence in upstream oil assets.
The deal also significantly boosted the company’s reserves to over one billion barrels of oil equivalent, nearly doubling its previous reserve base.
Despite the expansion, Oando recorded weaker financial performance in 2025. Revenue fell from N4.08 trillion in 2024 to N3.21 trillion in 2025, while unaudited pre-tax profit declined from N383.8 billion to N15.2 billion.
However, the company’s shares have still risen by more than 24 percent this year on the Nigerian Exchange as investors anticipate stronger results in upcoming financial reports.
