Oando releases delayed 2022 report, needs N3trillion to close funding gap

Hard hit by climate change, farmers in Nigeria’s ‘food basket’ face new foesINVESTIGATION: Beautiful infrastructure but poor staffing, lack of drugs hinder PHC services in Borno communitiesHelping neonates communicate beyond crying, By Kayode OjewaleINVESTIGATION: TETFund pays N2.

“A material uncertainty, therefore, exists that may cast significant doubt on the company’s and group’s ability to continue as a going concern, thereby resulting in the company’s and group’s inability to realise the assets and settle the liabilities in the ordinary course of business at the amounts recorded in these consolidated and separate financial statements,” said Independent auditor BDO Professional Services.

“Even at the points of liquidation, if the assets are disposed of, it may not cover the commitments.” “Management has progressed the initiative to mitigate the ongoing concern uncertainties on profitability, working capital deficiency and negative shareholder’s fund by appointing a rating agency to provide a rating analysis of the bond, which process started in 2022,” Oando said.

Pinning hopes of improved performance metrics as fundamental as profitability and debt repayment on NAOC’s acquisition, a controversial asset purchase deal reached with Italian oil giant Eni in 2023, could mean Oando’s funding plan for this year is close to falling apart.

That transaction is at the stage of getting a court order to launch a scheme of arrangement with shareholders.

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