Nigeria’s Corporate Affairs Commission (CAC) has granted approval to Staco Insurance Plc to extend the time for the company to hold its annual general meeting (AGM) for the 2018 financial year.
The inability to hold the meeting in 2018, according to the company, was due to the delayed approval of its audited financial statements for the year ended 31 December, 2017 by the primary regulator of the insurance industry in Nigeria, the National Insurance Commission (NAICOM).
In a statement to notify all stakeholders of the development, Company Secretary, Jackson, Etti & Edu, pledged that the AGM would hold on or before March 31, 2019.
The statement read: “Staco Insurance Plc (the Company) hereby notifies its esteemed Shareholders, Stakeholders, the Nigerian Stock Exchange (The Exchange) and the general public that the Company has obtained the approval of the Corporate Affairs Commission (CAC) to extend the time for the Company to hold its Annual General Meeting (AGM) for the year 2018.
The reason for not holding the AGM in 2018 is due to the delayed approval of the Company’s Audited Financial Statements for the year ended 31 December, 2017 by our primary regulator, the National Insurance Commission (NAICOM).
We hereby reaffirm our commitment to hold the AGM on or before the 31 day of March, 2019 as directed by the CAC.”
