CILEASING Notifies of Financial Errors in Audited Accounts of Its Ghana Subsidiary


Monday, December 09, 2019 / 06:55 PM / NSE / Header Image Credit: Leasafric Ghana Limited

C&I Leasing Plc. hereby notifies its esteemed Shareholders, Stakeholders, The Nigerian Stock Exchange ("The Exchange") and the general public, that the Board of the Company has been duly informed of a likely financial error in the Audited Accounts of its Ghana subsidiary, Leasafric Ghana Limited (Leasafric). 

Leasafric is a non-bank financial institution incorporated in Ghana in 1992, to carry on the business of finance leasing as Its principal business. C&I Leasing Plc., a group of companies involved in the business of fleet management, outsourcing and marine services, and listed on the Nigerian Stock Exchange (NSE), owns 71% equity stake in Leasafric, and the subsidiary contributes about 10% to the group's financial performance.

The Board of Directors of Leasafric Ghana will meet on Tuesday, 10th December, 2019 to review the matter and will notify all regulators including the Bank of Ghana and carry out a special investigation into the circumstances surrounding the likely errors in the Audited Accounts. While the exact amount in question will be ascertained by the ongoing investigations, we estimate that the write-off of the amount may not have any material impact on the group's net earnings for 2019.

Nevertheless, we assure all the stakeholders and the investing public that C&I Leasing Plc. is resilient and well diversified to cushion any likely impact of the financial error. The company has also begun putting adequate measures in place and strengthening its existing risk controls framework to prevent a recurrence.

It is noteworthy to mention that our detection of this financial error is as a result of the effective implementation of the Company's robust corporate governance framework which is closely monitored by the Board and we remain committed to ensuring the continued full and effective implementation of the framework. 

Finally, in spite of the likely impact on our profit target for 2019, we are optimistic that with our exceptional track record in major sectors of the economy, we expect to meet our profit targets for 2020 and beyond.

We therefore do not envisage that this event will have any material negative impact on C&I Leasing Plc.'s on-going rights issue.


Visit  C&I Leasing Plc IR Page in Proshare MARKETS

Graph - One Year Share Price Movement

 Proshare Nigeria Pvt. Ltd.


Table: Unaudited Q3 2019 Results

Proshare Nigeria Pvt. Ltd.


Related News

1       CILEASING Obtains SEC Approval To Conduct Signing Ceremony With Regards To Its Proposed Rights Issue

2          C and I Leasing Plc Submits Application For Approval and Listing of A Rights Issue

3          CILEASING to Hold 54th AGM on July 18 2019

4     CILEASING Releases Q1 2019 and 2018 Audited Results; Declares N398.46m PAT in Q1,(SP:N7.20k)

5      CILEASING Notifies of Delay in Filing of the Company's 2018 AFS

6     CILEASING Notifies of the Company's Board Meeting and Closed Period

7      CILEASING Updates on the Delay in the Reconciliation of Shareholdings

8      Abraaj Confirms Intention To Convert Aureos Africa Fund Of US$10m Loan Stock In CILEASING To Equity

9        CCNN, CILEASING and NEM Top As Best Performing Stocks YTD

10    C and I Leasing Lists N7bn Fixed Rate Bond on FMDQ Platform

11      CILEASING Concludes Buyout of 27.5% Minority Stake in C and I Petrotech Marine Ltd

Related News