CILEASING To Restate 2018 Financials Due To Errors In The Audited Accounts Of Leasafric Ghana Ltd

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Friday, January 03, 2020 02:54 PM / By NSE / Header Image Credit: C&I Leasing Plc

 

Following the earlier communication by C&I Leasing Plc ("The Company"), notifying its esteemed Shareholders, Stakeholders, The Nigerian Stock Exchange ("The Exchange") and the general public of a possible error in the prior year Audited Accounts of its Ghana subsidiary, Leasafric Ghana Limited (Leasafric), a review was conducted on impact of the errors.

 

The review was conducted by the Auditors of Leasafric, Deloitte & Touche, Ghana in order to ascertain the impact of the errors on Leasafric Financial Statement. Following the review, the Auditors have recommended that the financial statement be restated for 2018 in order to effect the correction.

 

Based on the Auditor's review, C&I Leasing Plc has estimated the impact of the restatement on its Group's 2019 financial performance to be a maximum of N25.5 million and therefore considered not significant.

 

C&I Leasing assures its stakeholders and the investing public that the group is resilient and well diversified to cushion the impact of the above detected financial error and adequate and robust control frameworks are in place to prevent a recurrence.

 

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Table: Unaudited Q3 2019 Results

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