01 April 2019 - 19:32The auditor of Nigerian oil and gas producer Oando Plc has questioned the company’s ability to remain in business as it continues to incur losses and struggles with a heavy debt burden.
EY had already flagged concern about its ability to stay in business in previous years. In the 2018 results, the firm noted that the company’s liabilities exceeded its assets by 63-billion naira — roughly the same size as its market capitalisation on both the Nigerian Stock Exchange and the JSE. “The conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the company and the group’s ability to continue as a going concern,” EY noted in its audit opinion.The share has been under pressure since July 2017 when a shareholder dispute prompted Nigeria’s Securities Exchange Commission to conduct a forensic audit into allegations of financial mismanagement and insider trading.
But Oando’s unlisted parent company, which is also called Oando, reported a 46% increase in taxed profit to 28.7-billion naira for the year to December due to stronger commodity prices and higher oil production.
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