Ardova Plc (Ardova), has offered reason for delay in filing its 2021 audited financial statement.
While reacting to the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX) over the issue, the management explained that the seeming delay 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.
Enyo’s accounting has now been harmonized with the IFRS accounting standard already in place at Ardova Plc, following which the group’s Consolidated Financial Statements were completed and duly audited.
These audited financial statements were approved by Ardova’s Board of Directors following its meeting on 29 June, 2022, and will be filed with the NGX on or before 8 July, 2022. In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission.
The management however, apologized for inconvenience caused by this administrative circumstance and reassured stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance.