Oando, Medview Airline, Others Fail to Submit Two-year Results on NGX

Darasimi Adebisi

Oando Plc, Medview Airlines Plc, among other listed companies have failed to submit over two-year audited result and accounts on the Nigerian Exchange Limited (NGX).

The Exchange disclosed that Oando, Medview Airlines, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, and Goldlink Insurance Plc have not submitted 2019 & 2020 audited results to the market stakeholders, a post-listing requirement for companies on the NGX.

THISDAY investigation revealed that most of the affected companies are faced with operational and regulatory bottlenecks, making it difficult to submit audited result and accounts on the Exchange.

Specifically, Oando in July of 2021 entered arrangement with Securities and Exchange Commission (SEC) to settle all matters subject of litigation, among others.

The company recently had its 20018 Annual General Meeting (AGM).

For Medview Airlines, the value of its shares on the floor of the NGX has not moved below or above N1.62 in the last two years.

As at October 15, 2021, data obtained from the local bourse disclosed that the company recorded 0 trade and 0 volume within the period under review.

Also, the airline has been among companies listed on the NGX’s free float deficiencies of 14.16 per cent.

Chairman of the airline, Sheik Abdul-Mosheen Al-Thunayan, had blamed the performance on political tension and tight liquidity.

Speaking with THISDAY, Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie, said the SEC should be held responsible for Oando’s delay, stressing that the out of court settlement was best for capital market and shareholders at large.

He said: “In the next few weeks, we are expecting the company to release audited 2019 results to the public. However, on other companies, we don’t know their problems. The management of NGX and SEC should intervene and find out their problems.”

The NGX also disclosed that Capital Oil Plc, Staco Insurance Plc and Resort Savings & Loans Plc have not submitted three-year audited results, while PZ Cussons Nigeria Plc and Chellarams Plc have failed to submit 2021 audited results to the NSE.

The Tourist Company of Nigeria Plc, Standard Alliance Insurance Plc, and Deap Capital Management & Trust Plc have failed to submit 2020 audited results.

Union Homes Savings & Loans Plc, Aso Savings & Loans Plc, DN Tyre & Rubber Plc, Multi-Trex Integrated Foods Plc have not submitted over six years audited result and accounts to the Exchange.

THISDAY gathered that some of these companies are undergoing restructuring, while some are about to delist from the Exchange.

Union Homes Savings & Loans Plc, Aso Savings & Loans, Goldlink Insurance Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, DN Tyre & Rubber are currently undergoing restructuring on the Exchange.