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Ardova Plc; Management Explain Delay that Led to Suspension of Securities Trading

Following the recent suspension of trading of the company’s (Ardova Plc) securities on the Nigerian Exchange Limited (NGX) over the late filing of its 2021 Audited Financial Statements, the management of Ardova have released a report to explain reasons behind the late submission of its recent financials. Please note that, till date, two reports are due for release by the company; the Full Year Financial for the year ended 31st December, 2021, and the First Quarter ended, 31st March, 2022.

According to the management of Ardova, the delay was primarily due to the accounting reconciliations that followed the recent acquisition of Enyo Retail and Supply Limited (ERSL). Please note that the said transaction was concluded in November 2021. Excerpt from the released report, confirmed that, Enyo’s accounting has now been harmonized with the IFRS accounting standard, and is already in place at Ardova Plc, following which the group’s Consolidated Financial Statements were completed and duly audited.

According to the report released on the 1st of July, 2022, these audited financial statements were already approved by Ardova’s Board of Directors at its meeting on 29 June, 2022, and will be filed with the NGX on or before 8 July, 2022.

The Nigerian Exchange Ltd last week suspended nine listed equities for late submission of their respective financial statements, the company involved are; African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, Ekocorp Plc, C&I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc, Premier Paints Plc, and Ardova Plc. In accordance with the Default Filing Rules of the exchange, the suspension of trading in the shares of the listed equities will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX.



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