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

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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.
 

Proshare Nigeria Pvt. Ltd.

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. 

Proshare Nigeria Pvt. Ltd.

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


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.


Proshare Nigeria Pvt. Ltd.

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


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


Proshare Nigeria Pvt. Ltd.

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.


Proshare Nigeria Pvt. Ltd.

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.


Proshare Nigeria Pvt. Ltd.


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.

Proshare Nigeria Pvt. Ltd.

INSURANCE SECTOR

Proshare Nigeria Pvt. Ltd.

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


Proshare Nigeria Pvt. Ltd.

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


Proshare Nigeria Pvt. Ltd.

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


Proshare Nigeria Pvt. Ltd.

CORNERST
Reason: Unforeseen Delay in Audit Process

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


Proshare Nigeria Pvt. Ltd.

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


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OTHER SECTORS

Proshare Nigeria Pvt. Ltd.

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.


Proshare Nigeria Pvt. Ltd.

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.

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


Proshare Nigeria Pvt. Ltd.

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


Proshare Nigeria Pvt. Ltd.

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.


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.


Proshare Nigeria Pvt. Ltd.

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


Proshare Nigeria Pvt. Ltd.


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.


Proshare Nigeria Pvt. Ltd.

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  14. Dangote Cement Plc Announces Closed Period
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  16. INTBREW Reports Q4 2017 Results – Neutral to Negative Reaction Expected by The Market
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  19. FCMB Group Reports Q4 2017 Results – Significant Spike in Loan Loss Provisions
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  21. Fidelity Bank Plc Notifies on Late Filing of FY 2017 Financial Statements
  22. Union Bank Plc Notifies on Late Filing of FY 2017 Financial Statements
  23. Oando Plc Announces a Delay in the Publication of its Full Year End 2017 Financial Results
  24. Skye Bank Plc to file 2016 Audited Financial Statements on or before 12th May, 2017
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