Insurers explain reasons for delay in filing 2017 accounts at NSE

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Chuks Udo Okonta

Insurance firms that could not meet the March 31, deadline for submission of their financial statements to the Nigerian Stock Exchange (NSE) said they were unable to submit due to delays arising from conclusions on the accounts.

“The Management of AIICO Insurance Plc (the Group Company) would like to advise our esteemed shareholders, key stakeholders and the investing community that from information available to us and following some delays arising from conclusions, we have not been able to issue our audited financial statements for the year ended 31st December 2017 within the time frame required by the Nigerian Stock Exchange (NSE) and other regulatory agency requirements regarding the release and publication of Audited Financial Statements,” the company said.

It noted that as a Group Company with three different subsidiaries, the audit exercise for the group has been consolidated and sent to the primary regulator – National Insurance Commission (NAICOM).

AIICO noted that it is optimistic that the regulator will conclude with the review of the accounts not later than April 27, 2018.

Staco Insurance Plc said it was unable to submit its 2017 Audited Account, because it just concluded the audit exercise and the account will be forwarded to its Primary Regulator, NAICOM for approval before submission to the Exchange.

“We apologize for any inconvenience caused and are optimistic that the account will be approved and submitted on or before 30th April. 2018,” it posited.

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