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International Energy Insurance Plc Extends Filing Date of 2016 Audited Financial Statements

Proshare

Tuesday, March 14, 2017/ 6:27 PM /NSE

We regret to inform our esteemed Stakeholders that the Company’s Audited Accounts ended 31 December 2016, which is due for filing on the 31st of March 2017, will be delayed till the 30th of June 2017.

Summary of the Reason for Delay
As you would recall, the Interim Board appointed by NAICOM met the Company in a dire shape and since their appointment in May 2015, took steps to ensure that the outstanding accounts of 2012 – 2015 were audited, approved and filed with the various Regulators.

While the Interim Board had hoped that the 2016 audited accounts will be filed within time, the issue of the tenure of the former Auditors (BDO Professional Services) was brought to their notice.

BDO Professional Services had served the Company for five (5) years and in compliance with the NAICOM Code of Corporate Governance, the Interim Board of Directors deemed it fit to change the Company’s Auditors.

Consequently, the firm of Ernst & Young was duly selected by the Interim Board and as required by law, their appointment and approval for fixing of their remuneration was done by the Shareholders at the recently concluded Annual General Meeting (AGM) in Kano on the 23rd of February, 2017.

The peculiarity of the delay in submitting our 2016 audited accounts lies in the fact that this is the first audit by Ernst & Young. Although the audit is currently ongoing, the nature and volume of audit reviews and documentations being undertaken will make it absolutely difficult to meet the 31st March deadline.

Expected Day of Filing

Based on the foregoing, we have applied to the Nigerian Stock Exchange to grant us an extension of time till the 30th of June, 2017 by which time, we would have received approval of our audited accounts from our primary Regulator (NAICOM).

Following the approval by the Nigerian Stock Exchange, we make this press release in accordance with Rule 2.1.1 of the Rules for Filing of Accounts and Treatment of Default Filing of the Exchange Rules, and sincerely regret any inconvenience this may have cost our stakeholders and investors.

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