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, IgbereTV reports
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.
IgbereTV 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
