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Linkage Assurance Plc Announces a Delay in Filing of Its 2016 Annual Audited Accounts

Proshare

Monday, May 8, 2017 9:06 AM/NSE

Linkage Assurance Plc, one of Nigeria's leading insurance service providers, wishes to inform its esteemed shareholders and the general public of the delay in the filing of its 2016 Annual Audited Accounts with the Nigerian Stock Exchange (NSE), and other regulatory authorities.

We regret to inform you that our 2016 audit exercise is yet to be decisively concluded thus we have been unable to meet the filing deadline of 31st March, 2017.

You will recall that we had kept you abreast with the challenges we faced during the 2015 audit exercise resulting in the delay in approving and publishing of our Accounts and subsequently holding our Annual General Meeting (AGM) on Tuesday 7th February, 2017.

Consequently, the appointment of our new External Auditors, KPMG, following the completion of the five (5) year tenure of Akintola Williams Deloitte (AWD), could not be ratified until the AGM of February, 2017.

This caused a delay in the commencement of the audit exercise for the 2016 Accounts and necessitated our request for an extension to 30th April, 2017 from the NSE of which same was granted.

We envisaged that the audit exercise would have been concluded in record time to enable us obtain Board approval for onward submission to the National Insurance Commission unfortunately, the process has taken longer than anticipated being that our Auditors are new and have had to go through a number of preliminary matters in order to farmiliarize themselves with the operations of the Company.

In this regard, we were constrained to request a further extension of sixty (60) calendar days from 30th April, 2017 within which to file the 2016 Audited Accounts. Accordingly, having received approval from the Exchange, the Company is determined to file the said Accounts unfailingly on or before 29th June, 2017.

Linkage Assurance Plc. appreciates the concerns that may be raised over this situation but humbly reiterates its commitment to operational excellence, due diligence, and best-in-class financial practice and urges its esteemed members and the general public to remain confident as there is no cause for alarm. 

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