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Why These Listed Companies Have Delayed Filing Results As At March 31, 2018

Stock & Analyst Updates	10051 VIEWS
Stock & Analyst Updates
10051 VIEWS

Friday, 06 April 2018 02.52 PM / Saheed Kiaribe, Proshare Research

Quoted companies listed on the floor of the Nigerian Stock Exchange are expected to the file their audited financial statement after 90 days at the end of every financial calendar. However, a few have filed for delay in submitting their FY 2017 financial statements to the NSE.

These are the entities that have filed for delay and reasons adduced for same.

FBNH
Reason: Peculiarity of FBNH’s Group Structure.

FBNH has subsidiary companies operating in the Banking and Insurance sectors as well as the Capital market, all with a common financial year end of December 31 alongside the holding company. Each of these subsidiaries needs to audit its financial statements and obtain the approval of its respective regulator prior to submission to FBNH for consolidation. Thereafter, FBNH is also required to obtain the approval of its primary regulator before submission and filing with The Exchange.

Date of Notice: April 04, 2018
Related News: FBN Holdings Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: FBNH Declares N45.84bn Profit in Q3''17 Results,(SP:N6.15k)
Anticipated Date of Release: Unknown

Proshare Nigeria Pvt. Ltd.

FEDELITYBK
Reason: Delay In Audit Process
Delays in concluding the audit process.

Date of Notice: April 04, 2018
Related News: Fidelity Bank Plc Notifies on Late Filing of FY 2017 Financial Statements
Last Declared Financial Results: FIDELITYBK declares N14.45 billion PAT in Q3''17 Result,(SP:N1.44k)
Anticipated Date of Release: On or before 30^th April, 2018

Proshare Nigeria Pvt. Ltd.

DIAMONDBNK
Reason: Uncompleted Review of Financials by Central Bank.

Unlikely that the review of accounts by the Central Bank of Nigeria will be concluded in time for compliance with the NSE and other regulatory rules guiding release of annual audited financial statements.

Date of Notice: April 04, 2018
Related News: Diamond Bank Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: DIAMONDBNK Declares N5.91 billion PAT in Q3 2017 Result,(SP:N1.02k)

STERLNBANK
Reason: Awaiting Regulatory Approval.
Bank is awaiting regulatory approval from the Central Bank of Nigeria.

Date of Notice: April 05, 2018
Related News: Sterling Bank Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: STERLNBANK Declares N5.91 bn PAT in Q3 2017 Result,(SP:N1.01k)
Anticipated Date of release: On or before April 30, 2018.

UBN
Reason: Incomplete Finalization of Audited Account.
Ongoing finalization of the Bank’s audited accounts with regulators and external auditors.

Date of Notice: April 03, 2018
Related News: Union Bank Plc Notifies on Late Filing of FY 2017 Financial Statements
Last Declared Financial Results: UBN declares N12.4billion PAT in Q3 2017 Results,(SP:N6.19k)
Anticipated Date of Release: On or before 3oth April, 2018

UNITYBNK
Reason: Uncompleted Review of Financials by Central Bank..
Accounts forwarded to the CBN for review and will be filed with the NSE upon the conclusion of CBN’s review.

Date of Notice: April 06, 2018
Related News: Unity Bank Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: UNITYBNK Declares N2.45 billion PAT in Q3''17 Result,(SP:N0.52k)
Anticipated Date of Release: Unknown

SKYEBANK
Reason: CBN Intervention

Following the intervention of the CBN in the Bank in July 2016, there was an over-haul of the Bank’s Corporate Governance framework which led to major resignations and new appointments into the Board; changes in specific internal structures and the need to have in place some other structures prior to the approval of the Bank’s accounts.

Date of Notice: March 31, 2017
Related News: Skye Bank Plc to file 2016 Audited Financial Statements on or before 12th May, 2017
Last Declared Financial Results: SKYEBANK Declares N40.73bn Loss in 2015 Audited Results SP N0.70k
Anticipated Date of Release: On or before 12^th May, 2017
Not achieved and no new update @today

WEMABANK
Reason: Awaiting Necessary Regulatory Approvals

Delay arose from the need to obtain necessary approval before going ahead to publish the 12-months Accounts and Financial Statements.

·  Date of Notice: April 06, 2018
·  Related News: Wema Bank Plc Announces Delay in Filing FY 2017 Financial Statements
·  Last Declared Financial Results: WEMABANK Declares N1.53 billion PAT in Q3 2017 Result ...
·  Anticipated Date of release: On or before April 30, 2018.

INSURANCE SECTOR

AIICO
Reason: Uncompleted Review of Financials by NAICOM.
Optimistic the regulator will conclude the review of the accounts

Date of Notice: April 05, 2018
Related News: AIICO Insurance Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: AIICO Declares N2.42 bln PAT in Q3 2017 Results,(SP:N0.55k)
Anticipated Date of release: 27th April, 2018

GUINEAINS
Reason: Uncompleted Review of Financials by NAICOM.
Submitted the company’s audited financial statements, thus awaiting National Insurance Commission’s approval.

Date of Notice: April 04, 2018
Related News: Guinea Insurance Plc Announces Delay in Filing FY 2017 Financial Statements with the Exchange
Last Declared Financial Results: GUINEAINS Declares N69.91 mln PAT in Q3 17 result SP N0.50k
Anticipated Date of release: Unknown

STACO
Reason: Recently Concluded Audit Exercise.
Just concluded the audit exercise and account will be forwarded to the National Insurance Commission for approval.

Date of Notice: April 05, 2018
Related News: Staco Insurance Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: STACO Declares N202.04 mln PAT in Q2'17 Results,(SP:N0.50k)
Anticipated Date of release: On or before 3oth April, 2018

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CORNERST
Reason: Unforeseen Delay in Audit Process

Occasioned by unforeseen delays in concluding the audit process within the stipulated time.

Date of Notice: April 06, 2018
Related News: Cornerstone Insurance Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: CORNERST Declares N2.11 bln Loss in Q3''17 Result,(SP:N0.50k)
Anticipated Date of Release: On or before 31^st May 2018

EQUITYASUR
Reason: Awaiting Regulatory Approval
The filing of the Audited Financial Statement is premised on the approval of the National Insurance Commission.

Date of Notice: April 06, 2018
Related News: Equity Assurance Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: EQUITYASUR Declares N268.33 million loss in Q3 17 SP N0.50k
Anticipated Date of Release: Unknown

OTHER SECTORS

OANDO
Reason: Statutory Review by FRCN
FRCN indicated interest in undertaking a more detailed review of the Company’s Audited Financial Statements as part of their statutory review due to the issues raised by the recent investigation of the Company by the Securities and Exchange Commission.

Date of Notice: March 02, 2018
Related News: Oando Plc Announces a Delay in the Publication of its Full Year End 2017 Financial Results
Last Declared Financial Results: OANDO Declares N7.13bn PAT in Q3''17 Results,(SP:N5.99k)
Anticipated Date of release: Second Week in May.

MEYER
Reason: Legacy Reconciliation Issue.
Board mindful of the critical need to properly resolve the reconciliation issues in order to present accurate audited financial statements.

Date of Notice: April 05, 2018
Related News: Meyer Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: MEYER Declares N156.58 million Loss in Q3''17 Result,(SP:N0.91k)

Anticipated Date of release: On or before 3oth April, 2018

WAPCO
Reason: Incomplete Audit Exercise.
Delay was to enable auditors complete their work.

Date of Notice: April 06, 2018
Related News: Lafarge Africa Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: WAPCO Declares N937.91 million PAT in Q3 2017 Result,(SP:N56.00k)
Anticipated Date of release: 1oth April, 2018

ABBEYBDS
Reason: Awaiting Regulatory Approval.
Audited Financial Statements released by auditors on 28th March, 2018 and submitted to the Central Bank of Nigeria same day for approval.

Date of Notice: April 06, 2018
Related News: Abbey Mortgage Bank Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: ABBEYBDS Declares N49.29 million PAT in Q3''17 Result,(SP:N1.30k)
Anticipated Date of release: On or before 3oth April, 2018

Proshare Nigeria Pvt. Ltd.

MULTIVERSE
Reason: Accounts Review by FRCN Needed
Review of the Financial Reporting Council of Nigeria (FRCN) needed because of Material Uncertainty Relating to Going Concern.

Date of Notice: April 06, 2018
Related News: Multiverse Mining and Exploration Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: MULTIVERSE Declares N249.30 mln Loss in Q3''17 Results,(SP:N0.50k)
Anticipated Date of release: Unknown

PRESCO
Reason: Biological Assets Valuation
Delay is as a result of issues relating to biological assets valuation.

Date of Notice: April 06, 2018
Related News: Presco Plc Announces Delay in Filing FY 2017 Financial Statements
Last Declared Financial Results: PRESCO Declares N5.36 bn PAT in Q3''17 Result,(SP:N69.82k)
Anticipated Date of release: Unknown.

AGLEVENT

Reason: Information Technology (IT) Platform Upgrade

Delay is as a result of Information Technology (IT) platform upgrade the Company embarked upon during the year whose completion impacted on the commencement of the audit.

• Date of Notice: April 06, 2018
• Related News: A.G. Leventis Nigeria Plc Announces Delay in Filing FY 2017 Financial Statements

• Last Declared Financial Results: AGLEVENT declares N1.07 Bln Loss in Q3''17 Results,(SP:N0.56k)
• Anticipated Date of release: On or before April 30, 2018.

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