Oil exploration, acquisition forces Ardova to miss financial release deadline

Ardova will not meet the deadline for the submission of the 2021 Full Year Audited Financial Results due to its involvement in the acquisition market and a joint venture it undertook in December.

The listing rule of the Nigerian Exchange Limited (NGX) the capital market authority, mandates quoted companies to make public, their annual financials 90 days after the end of the period, which falls in March.

With two days to the end of the deadline, Ardova said in a statement released on March 29, that the company would be unable to achieve the timeframe, blaming the delay on the acquisition of Enyo Retail & Supply Limited.

Ripples Nigeria had reported last year November that Ardova acquired Enyo, which would be incorporated into Ardova to improve its revenue generation.

Aside from Enyo, Ardova stated that incorporation of Ardogreen Enegy Limited concluded in December 2021, had also made it impossible to prepare for the completion of its financials.

Note that the Nigerian Upstream Regulatory Commission (NURC) had issued a joint venture approval to Ardova for exploration of a marginal field.

Read also: Ardova revenue drops N.5bn amid weak fuel, solar system sales

It was gathered that the board of directors had planned to meet on March 31, to deliberate on the financials, however, the meeting was postponed, and a new date haven’t been disclosed.

The management, however, stated that it plans to release the financials “on or before 30 April 2022.” The statement by Ardova reads.

Ardova’s management failure to submit the financials as at when due will result to the extension of the closed period, which started on January 1, 2022, and bars, “Director, person discharging managerial responsibility, employees with sensitive information, advisers, consultants of the Company and ther connected persons” from directiy or indirectily dealing in the securities of the company until 24 hours after the release of the financials.

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