BY NKECHI NAECHE-ESEZOBOR–Almost a month after extension of time granted by the Nigerian Stock Exchange to African Alliance Insurance Plc to file its Company’s Audited financial statements for the year ended 31st December 2019 (AFS) together with the Unaudited financial statements for the period ended 31st March 2020 the company has failed to meet the new deadline granted by the exchange.
This is contained in a notice signed by Abisola Akinrin (Tope Adebayo & Co.) Company Secretary to the exchange that it wishes to notify its esteemed shareholders and other stakeholders that the Company’s Audited financial statements for the year ended 31st December 2019 (AFS) together with the Unaudited financial statements for the period ended 31st March 2020 could not be filled within the period of the extension granted by the Nigerian Stock Exchange (30th June, 2020).
The notice further reads ” However, the Company has since concluded with the auditing of its accounts and has submitted same to its primary regulator (the National Insurance Commission) for approval. Regretfully, the Company is yet to obtain the approval of NAICOM, hence the delay.
“We sincerely regret any inconvenience that the anticipated delay may occasion to our esteemed shareholders and investing public at large.
“Please be reassured that the Management of the Company is working assiduously in following up with NAICOM to ensure that the said accounts are filed with the Exchange on or before 30th July, 2020 or immediately the Commission (NAICOM) grants an approval; whichever is earlier.”
According to the NSE, company that failed to file its accounts for the period as expected is marked out by the Exchange as a corporate governance failure, which attracts monetary fines, “naming and shaming” tag, suspension of shares from trading and delisting in incurable cases of default.
Under the listing rules, a late submission attracts a fine of N100,000 daily for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.