Lagos, Nigeria – Oando Plc has announced it may miss the March 31, 2026 deadline for publishing its audited 2025 financial statements. The delay stems from technical processes involved in integrating software systems after its recent acquisition.
Okay News reports that the company acquired Nigerian Agip Oil Company Limited, which came with business software systems that must now merge with Oando’s existing platforms. These Enterprise Resource Planning systems manage accounting, procurement, supply chain, and human resources.
The data from both companies must be carefully matched to ensure accurate financial reporting. This process requires extensive testing and adjustments across financial records. Oando said this extra work may slow completion of its audited statements.
The company now expects to file both first quarter 2026 unaudited results and full year 2025 audited statements by May 30, 2026. The audited accounts will first go to the board for approval. Then they will go to the Financial Reporting Council of Nigeria for clearance before public release.
Oando stated it remains committed to high standards of financial reporting and transparency. The company sincerely regrets any inconvenience and appreciates stakeholder support.
The delay follows Oando’s integration process after completing the $783 million acquisition of Nigerian Agip Oil Company from Eni in August 2024. The African Export-Import Bank provided a $650 million lending facility to support the deal.
After the acquisition, Oando’s total reserves nearly doubled from 505.6 million barrels to over 1 billion barrels. This marks a 98% increase based on 2022 estimates.
The company now holds stakes in key infrastructure. These include around 1,490 kilometres of pipelines, three gas processing plants, the Brass River Oil Terminal, and the 960 megawatt Kwale-Okpai power plants.
However, revenue fell from N4.08 trillion in 2024 to N3.21 trillion in 2025. Unaudited pretax profit dropped from N383.8 billion to N15.2 billion over the same period.
Despite this, Oando stock has gained over 24% year-to-date on the Nigerian Exchange Group. Investors anticipate more positive results from first quarter 2026 financials.
