African Alliance Insurance Plc explains delay in filing 2020 financial performance

Composite underwriter, African Alliance Insurance Plc, has offered an explanation on its failure to file its financial result for the year ended December 2020, as stipulated by regulatory rules.

A dispatch to all stakeholders signed by Anthonia Udeh, on behalf of Tope Adebayo & Co., the Company Secretary, said the report is currently awaiting approval by the primary regulatory agency.

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We wish to reassure you that the Company is working assiduously towards submitting its Audited Financial Statements and is hopeful of doing soon or before 6th August 2021

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Part of the report issued in Lagos on 5th July, 2021 read: “African Alliance Insurance Plc regrets to notify its esteemed shareholders and other stakeholders that the Company’s audited financial statements (AFS) for the year ended 31st December 2020 could not be filled within the regulatory timeline of 31st March, 2021 and the Cure Period timeline of 29th June 2021.

“The Company has submitted its Audited Financial Statement to its primary regulator, National Insurance Commission (NAICOM) and is awaiting its approval, hence, the delay in filing the Audited Financial Statement to the Nigerian Exchange Limited and by extension the investing public.

“We wish to reassure you that the Company is working assiduously towards submitting its Audited Financial Statements and is hopeful of doing soon or before 6th August 2021.”