By Chioma Obinagwam
Leading indigenous energy group, Ardova Plc, has given reasons for the late filing of its 2021 Audited Financial Statements.
The company told Confiance News in a statement on Sunday.
Confiance News gathered that the delay is connected to accounting reconciliations from its latest subsidiary, Enyo Retail and Supply Limited (ERSL).
“The Board and Management of Ardova Plc (Ardova), hereby wishes to allay concerns over the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX) over the late filing of its 2021 Audited Financial Statements.
“The delay in submission was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021. Enyo’s accounting has now been harmonized with the IFRS accounting standard already in place at Ardova Plc, following which the group’s Consolidated Financial Statements were completed and duly audited.
Ardova noted that the audited financial statements were approved by Ardova’s Board of Directors following its meeting on 29 June, 2022, and will be filed with the NGX on or before 8 July, 2022.
“In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission. The Board and Management apologize for inconvenience caused by this administrative circumstance and reassure our stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance,” Ardova assured.
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