Business Insight Financial Market

Niger Insurance Plc again cites regulator for failure to file audited financial statements for 2019

Adekunle Abiona September 5, 2020

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Niger Insurance Plc has explained that its audited financial statement for the year ended December 31, 2019 is currently awaiting approval by the National Insurance Commission (NAICOM), a reason for failure to file the report according to the rules.

A statement by Tolg Nominees, the company secretary, said: The Board of Directors and Management of Niger Insurance Plc. hereby inform their esteemed Shareholders and other Stakeholders that Niger Insurance Plc’s (the “Company”) Audited Financial Statements for the year ended 31^st December, 2019 (the “Account”) is currently awaiting approval from its primary regulator, National Insurance Commission (“NAICOM”) as same has been submitted. The unintended delay in the submission resulted from the inadvertent delay in obtaining the required approval of its Accounts of which the Company has been closely following up. While we are optimistic that the Audited Financial Statements will soon be submitted to the Exchange once approved by NAICOM, the Board and Management sincerely apologise for any inconvenience that this delay might have caused its Stakeholders.”

The underwriter issued a similar statement in August to explain its inability to file its 2020 second quarter result with the Nigerian Stock Exchange (NSE), and expressed optimism that the audited financial statements for the second quarter will soon be submitted to the exchange once approval is received from NAICOM.

Niger Insurance Plc is among six quoted companies suspended by the Nigerian Stock Exchange (NSE) on September 1, 2020, for failure to file their corporate accounts for the 2019 financial year.

The NSE “suspended trading on the shares of the companies with effect from Tuesday, September 1, 2020, over their failure to file their audited financial statement for the year ended December 31, 2019”.

Regulatory rules at the local bourse require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year.