Mike Adenuga-led Conoil delays 2025 audited results over ERP migration

CONOIL Plc has announced that it will miss the regulatory deadlines for the submission of its 2025 audited financial statements and its first-quarter (Q1) 2026 unaudited results, attributing the delay to an ongoing migration to a new enterprise resource planning (ERP) system.

In a formal notification to Nigerian Exchange Limited (NGX), shareholders and the investing public, the company said it would not be able to file its audited financial statements for the year ended December 31, 2025, by the March 31, 2026 deadline. It also disclosed that its unaudited financial statements for the quarter ending March 31, 2026, will not be submitted by the due date of April 30, 2026.

The disclosure was signed by Acting Company Secretary, Mr Bolaji Owolabi, who explained that the delay is primarily linked to the company’s transition from its legacy enterprise system to a new, fully integrated ERP platform.

According to Conoil, the ERP upgrade forms part of a broader strategic transformation programme aimed at strengthening its operational framework. The company said the initiative is designed to enhance efficiency across its business processes, reinforce internal control mechanisms, improve the accuracy and timeliness of financial reporting, and position the organisation for sustainable long-term growth in an increasingly competitive operating environment.

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Although implementation of the new ERP system has made substantial progress, with core modules already operational, management noted that the migration process has required extensive data validation and reconciliation exercises. These include the verification of historical financial data, alignment of transactional records, and post-migration adjustments to ensure consistency between the old and new systems.

The company stressed that ensuring the integrity, completeness and reliability of its financial data remains a top priority. As a result, it considers it necessary to fully conclude and validate the reconciliation processes before releasing its audited 2025 results and Q1 2026 accounts to the market.

Market rules require listed companies to submit their audited full-year results within three months of the financial year-end and their quarterly unaudited accounts within 30 days of the end of the relevant quarter. By formally notifying NGX ahead of the deadlines, Conoil has sought to keep investors informed and maintain regulatory transparency.

Conoil stated that it is working to finalise the outstanding processes and expects to file both the 2025 audited and unaudited statements on or before June 30, 2026.

Despite the delay, the company reaffirmed its commitment to transparency, strong corporate governance and strict adherence to NGX listing rules. It emphasised that the ERP transition, though temporarily impacting reporting timelines, is expected to strengthen its financial management architecture and reporting standards over the long term.

Investors will now look to the end of June for the release of the company’s full-year 2025 performance figures and its Q1 2026 results, which are expected to provide insight into the firm’s financial position amid the ongoing systems upgrade.