The Board and Management of Ardova Plc has apologised to the General public, particularly its investors, over the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX).
Ardova Plc is a Nigerian leading indigenous and integrated energy company involved in the distribution of petroleum products.
The suspension followed the late filing of its 2021 Audited Financial Statements.
In a statement, Ardova explained that 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.
It said; “Enyo’s accounting has now been harmonised with the IFRS accounting standard already in place at Ardova Plc, which the group’s Consolidated Financial Statements were completed and duly audited.”
Assuring the public, Ardova noted that the Company’s audited financial statements were approved by its Board of Directors following its meeting on 29 June, 2022, and would be filed with the NGX on or before 8 July, 2022.
The company said; “In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission.”
“Ardova Plc apologises for the inconvenience caused by its being suspended by this administrative circumstance and reassures our stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance.”
The Nigerian Exchange Limited (NGX) had suspended trading in the shares of nine companies from its facilities.
The suspension, which took effect on Friday, 1 July 2022, is due to the companies failure to file their Audited Financial Statements for the year ended 31 December 2021.
The affected companies are;
1. African Alliance Insurance Plc
2. Niger Insurance Plc
3. Royal Exchange Plc
4. Ekocorp Plc
5. C&I Leasing Plc
6. Mutual Benefits Assurance Plc
7. Coronation Insurance Plc
8. Premier Paints Plc
9. Ardova Plc
Mercy Chukwudiebere
