2015 FY Result: Eterna Oil Seeks One Month Extension | Independent Newspapers Limited
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2015 FY Result: Eterna Oil Seeks One Month Extension

Posted: Mar 30, 2016 at 3:00 am   /   by   /   comments (0)



Management of Eterna Oil has informed the management and stockbrokers of The Nigerian Stock Exchange (NSE) that it will require an extension of time to submit its 2015 financial result.


In a filling to the Exchange, the company said the 2015 IFRS Audited Financial Statements will not be filed on the 31st day of March 2016.


The statement reads: “The Company is conversant with the rules of the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC) requiring Audited Financial Statements of Listed Companies to be filed not later than 3 months after the accounting year end”.


However, the Company recently engaged Messrs Akintola Williams Deloitte (Deloitte) as its External Auditors following the resignation of Messrs PricewaterhouseCoopers (PwC) in January 2016. PwC had been the Company’s External Auditors since 2005 and the resignation is in compliance with the Code of Corporate Governance applicable to listed companies in Nigeria which requires that external audit firms should be retained for no longer than ten years continuously.


In anticipation that Deloitte would need to undergo a learning curve in terms of understanding the company’s processes and procedures in order to determine that the company’s financial statements reflect a true and fair view of its books, the company sought and obtained one month extension from the NSE to file its 2015 IFRS Audited Financial Statements in February 2016.


“The company’s audited financial statements for the year ended 31st December 2015 will be filed not later than the 30th of April 2016. We sincerely apologize for any inconvenience that this extended filing date may have caused”, the statement said.