Missed Financial Reporting Deadlines Lead to Backlash
Oando PLC, a Nigerian energy company, faces intense criticism after missing multiple Nigerian Exchange (NGX) filing deadlines for its 2023 audited financial report and the unaudited statements for the first half of 2024. Following these delays, NGX issued a suspension on Oando’s trading, leading stakeholders to express frustration. Critics argue that Oando’s response—using social media influencers to defend its image—reveals a misguided attempt to control public perception rather than address the financial delays.
Suspension and Public Response
According to NGX rules, failure to meet reporting deadlines triggers a “Second Filing Deficiency Notification” and trading suspension until compliance is met. Oando responded on October 2, 2024, attributing the delays to complexities from its Nigerian Agip Oil Company (NAOC) acquisition. This acquisition required additional financial reviews, Oando explained, though the justification has done little to quieten public concerns. On November 1, Oando finally released its long-overdue audited financial results, showing a notable profit shift from a loss of N81.2 billion in 2022 to a profit of N60.3 billion in 2023.
Influencer Campaign Sparks Outrage
Upon the release of its financial reports, Oando faced an unexpected social media backlash. Influencers on platforms like X (formerly Twitter) posted overwhelmingly positive messages defending the company, which many Nigerians saw as an attempt to sway public opinion. Critics argue that Oando paid influencers to post these comments, fuelling further distrust. Many pointed out the connection between Oando’s CEO, Wale Tinubu, and his uncle, President Bola Tinubu, as a factor behind the company’s resilience despite missed financial obligations.
Market Value Rises, But Questions Remain
Shortly after its filings, NGX lifted Oando’s trading suspension, restoring public access to its shares. However, scepticism lingers as market analysts question whether Oando’s performance and significant market gains are genuinely the result of improved business or merely influenced by familial ties to the presidency. Despite strong quarterly growth, public sentiment remains mixed, with many seeing the influencer campaign as a misstep that highlights issues with corporate transparency and accountability.
Social Media Users Condemn Influencer Engagement
Many Nigerians criticised the influencers hired by Oando, accusing them of undermining public trust for personal profit. Social media user Serah Ibrahim condemned the influencers, labelling them “greedy” for supporting Oando without understanding the complexities of its financial position. Her post reflected the anger of small shareholders and Nigerians who feel disadvantaged by corporate strategies that bypass accountability for profit.
Oando Defends Business Decisions Amid Rising Scrutiny
Oando maintains that its delays stem from legitimate business requirements tied to the NAOC acquisition and has denied any wrongdoing. The company has yet to respond to allegations of using influencers for damage control. Observers, however, warn that continued disregard for transparent corporate conduct could alienate stakeholders, despite the company’s recent financial recovery.
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