Post-Acquisition Integration Slows Oando’s 2025 Financial Reporting

Oando Plc has announced that it will be unable to publish its 2025 Audited Financial Statements by the regulatory deadline of March 31, 2026, citing ongoing system integration following its acquisition of Nigerian Agip Oil Company Limited.

The indigenous energy group, which is listed on the Nigerian Exchange Limited and the Johannesburg Stock Exchange, disclosed on Wednesday that the delay stems from the migration and integration of legacy Enterprise Resource Planning (ERP) systems inherited as part of the NAOC acquisition.

In a notice to shareholders and the investing public seen by THE WHISTLER, the company explained that the complex systems integration process has required extensive testing, alignment of accounting policies, harmonisation of reporting frameworks, and consolidation of charts of accounts to ensure accuracy and compliance with applicable financial reporting standards.

Oando said it now expects to complete and file its 2025 audited accounts on or before May 30, 2026.

The company’s disclosure was made in accordance with Rule 1.1.4 of the NGX Rulebook on the Filing of Accounts and Treatment of Default Filing, which requires listed companies to notify the market if they anticipate delays in meeting financial reporting deadlines.

According to the company, the anticipated delay is not expected to exceed 45 days beyond the original March 31 filing deadline.

“Following completion of the audit process, the 2025 Audited Financial Statements will be presented to the Board for approval and subsequently submitted to the Financial Reporting Council of Nigeria for regulatory clearance prior to public release,” the company stated.

Oando further noted that the delay in publishing the audited results will also affect the release of its unaudited financial statements for the first quarter of 2026.

Under existing reporting requirements, the company said it would be unable to publish its Unaudited Financial Statements for the quarter ended March 30, 2026 before the release of its 2025 audited accounts.

Consequently, both the 2025 audited financial statements and the first-quarter 2026 unaudited results are now expected to be released on or before May 30, 2026.

The company emphasised that the systems integration process is necessary to ensure consistency and accuracy in its financial reporting following the integration of operational and financial systems inherited from the NAOC acquisition.

Industry analysts note that large-scale post-acquisition integrations often require extensive financial systems adjustments, particularly when combining legacy accounting platforms and aligning reporting frameworks across newly consolidated operations.