Ardova Plc. (Ardova) has failed to submit its Audited Financial Statements (AFS) to the Nigerian Exchange Limited (NGX) for the second consecutive year.
It would be recalled that the NGX in July 2022 suspended trading on the shares of Ardova and seven other quoted companies for failure to file their statements for the year ended December 31, 2021 as required by market regulators.
The NGX stated that its action was based on Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
NGX listing requirement mandates listed companies to submit their quarterly financial statement, not later than one month after the last day of the quarter. It also mandates companies to submit their audited annual financial statements not later than three months after the last working day of the financial year.
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The management of the petroleum marketing company in a disclosure on the NGX website yesterday said the filing of the Company’s Consolidated Audited Financial Statements for 2022 has been delayed.
In the disclosure signed by the company secretary, Oladehinde Nelson-Cole, it noted that the delay is due to the pending conclusion of the audit of a major subsidiary of the company.
“The company is working diligently to ensure that the 2022 AFS is released to the NGX and the investing public soon. The closed period declared by the company from January 1, 2023 will continue until the account is released to the public. Ardova Plc. regrets any inconveniences this delay might cause its stakeholders,” he noted.
Recently, the investment portfolio of its majority shareholder and chairman, Abdulwasiu Sowami, put forward an offer of N17.38 per share in exchange for all the shares held by other shareholders. Sowami holds 74.1% of Ardova’s issued shares.
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