I’ll love you to take a walk with me through Yaba. Let’s start from Moloney. There are a couple of places I would love us to touch to establish this story. Have you noticed something since we started walking? The colonial touch in the street names and the architecture of some of the houses here is hard to ignore. One more thing that has always been consistent in Yaba is ambition and academic pursuits. This is the academic hive of Lagos and it still resounds in the history of numerous software and fintech breakthroughs. 86 years ago, Akintola Williams was one of these young Yaba boys puzzled with uncertainty amidst what they loved and what was available. Accountancy was not his first love. He initially wanted to study surveying. However, Yaba Higher College did not offer surveying and after a chat with an expatriate chartered accountant, he considered a career in accountancy under a scholarship sponsored by UAC.

Akintola Williams went on to become Nigeria’s first chartered accountant. His 33 years practice set the gold standard for financial transparency. Williams even participated in founding the Nigerian Stock Exchange and, of course, the Institute of Chartered Accountants of Nigeria. Let’s move off this street a bit.

This NNPC filling station used to be one of the countable outlets owned by Oando in Yaba. In October 2022, NNPC acquired OVH Energy Marketing (OVHEM), owner and operator of Oando’s downstream assets. Oando remains a Public Limited Company because the acquisition by NNPC was limited to the downstream assets operated under the Oando brand, not the entire Oando PLC entity. 

Let’s sit on this bench and get small suya while I walk you through something. 

The Oando Predicament

Oando was established in Nigeria in 1956, originally operating as ESSO West Africa Incorporated, a petroleum marketing company and subsidiary of Exxon Corporation of the USA. By this time, Akintola Williams was 4 years into starting Deloitte.

Oando’s troubles began with a delay in publishing its 2024 Audited Financial Statements, missing the regulatory deadline of March 31, 2025. The company cited the complexities of integrating the Nigeria Agip Oil Company acquisition and expanded internal controls as reasons for the holdup, promising to file by May 30, 2025. But the market is impatient with promises especially when it comes to transparency. 

The fallout was swift and brutal. As of March, Oando’s market value plummeted by about 51% from its 52-week high, erasing more than ₦600 billion in shareholder wealth. As of today, it’s -38.4% from November 8 2024. Despite the fact that Oando just pulled off a major acquisition and was the preferred bidder for the Trinidad and Tobago Refinery, none of that mattered to investors without the reassurance of audited numbers.

Sadly, investors who picked based on sentiments and the company’s popular perception saw their portfolio scalped slowly.

Why Audited Financials Matter

This is not just an Oando story. It just happens to be a more active example. It is a lesson in why audited financial statements are the bedrock of capital markets. Audits provide independent assurance that a company’s financials are accurate, complete, and free from material misstatement. See, you don’t have hints into the day-to-day operations of a company. You can trust what you see on paper; like this suya.

Without timely audited reports, investors are left guessing. This uncertainty breeds fear, and fear triggers sell-offs. As research confirms, delays or “lazy” information disclosure sharply increase the risk of a stock price crash. The Oando episode is a stark reminder that even the strongest companies are vulnerable to market panic when they fail the transparency test.

History Repeats: Lessons from Other Markets

I want you to know from this article that if you hold stocks where the books are absent or not coherent, investors who know what it means would pull the rug beneath you. Oando is not alone in this. Globally, companies that miss earnings forecasts or delay disclosures often see their stocks punished severely. In the U.S., giants like 3M, Sirius XM, and Walgreens Boots Alliance have seen double-digit drops in share price after disappointing or delayed reports. The message is universal: the market abhors late books and you should not take it likely either.

Company	L (GenZ’s will understand)	Stock Price Drop
3M	Missed earnings/weak outlook	-12.9%
Super Micro Computer	Delayed annual report filing	-19%
Walgreens Boots Alliance	Missed earnings	-25%

Major Nigerian banks including Guaranty Trust Holding Company, Zenith Bank, Access Holdings, United Bank for Africa (UBA), and Stanbic IBTC Holding Plc. missed the February 2025 deadline for submitting their audited financial reports. The delays are primarily due to extended review and approval processes by the Central Bank of Nigeria (CBN). This sector-wide delay has contributed to selloffs and significant declines in the NGX Banking Index.

Cornerstone Insurance Plc also disclosed a delay in filing its unaudited financial statements as of yesterday, May 8, 2025.

The Real Cost of Ignoring the Books for Nigerian Gen Zs

For young Nigerian investors, the Oando saga is a masterclass in due diligence. No matter how well a company is positioned-no matter the headlines about expansion or new deals or who is on the board of directors, if you can’t see the audited numbers, you’re flying blind. Audited financials are not just regulatory requirements; they are the foundation of trust, accountability, and long-term value creation. 

The crazy thing is many stocks do well despite book issues. Oando could even go up for years after this. This is one of the reasons why people hate the Nigerian Stock Exchange. Books serve as a safety net for stocks, much like a grill mesh does for suya.

How to find the Books 

To find the audited reports of any company, 

1. Go to https://ngxgroup.com/exchange/trade/equities/listed-companies/
2. Search or click on your preferred company
3. Scroll down. After the Trading Information and Last 7 Days Trades section, you will see all the reports in the Financial Statements tab. 

One more thing you will notice about the list of companies in this link is MRF in red. This means Missed Regulatory Filing and can help you know which suya, sorry stock, is due for roasting. I talk about these symbols and other cautionary signs in the NGN STX article about The Other Side of Kobo Stocks.

While NGN STX does not have an article on how to read financial statements, I recommend this one from PwC rather than Deloitte founded by Akintola Williams to give a more diverse outlook to this matter if necessary. 

A Final Word: Channeling Akintola Williams

Akintola Williams built his legacy on the principle that numbers must tell the truth, and that truth must be timely. Oando’s current mess is a warning: ignore the wisdom of transparency at your peril. For every investor, especially in a volatile market like Nigeria’s, let this be your mantra, “Show me the books, or I walk.”

Ah, wetin be this! Look at the paper this aboki used to sell my suya. It’s a SEC report from a forensic audit of the activities of Oando Plc by Deloitte in 2019. I actually applaud the SEC for keeping this information in plain sight. Omo! Well, we will come back to Delloite’s own audit failure in Cadbury’s business another day.

If you have Oando stocks, well, let’s see when their filing comes through on May 30, 2025. If you want to buy Oando despite its current state, there’s no yes or no answer. There are many reasons to. Just know Akintola would have given you double twaale if he were still here.

In the end, the market always rewards wisdom. Whether it’s CBEX or your friend asks you to invest in a business. Papers matter. And as this story shows, wisdom begins with demanding the numbers-audited, accurate, and on time. Or are you wiser than Akintola Williams?