In a recent development, three prominent financial institutions have announced delays in the filing of their half-year financial statements, casting a spotlight on the Nigerian Exchange Limited (NGX).
These reporting delays, attributed to varying reasons, have prompted these institutions to extend their reporting deadlines and offer explanations for the holdup.
As part of the regulatory framework, listed companies are obligated to submit their financial results within specified timeframes.
Additionally, in the event of any delay, it is mandatory to promptly notify the NGX regarding the extension.
United Bank for Africa Plc, Zenith Bank Plc, and Stanbic IBTC Holdings Plc are the three institutions at the center of this delay predicament.
All three entities have formally communicated their delays to the NGX.
Zenith Bank Plc cited “outstanding post audit issues” that require attention as the cause for the reporting delay.
The bank assured stakeholders that it is actively addressing these matters to ensure the accuracy and completeness of its financial statements.
Stanbic IBTC Holdings Plc, on the other hand, attributed its delay to the ongoing process of seeking approval from the Central Bank of Nigeria (CBN) for its half-year audited financial statements.
Following the regulatory clearance from the CBN, Stanbic IBTC Holdings Plc plans to release its financial statements to the market without further delay.
In contrast, United Bank for Africa Plc did not provide a specific reason for the delay.
However, it announced that insiders and closely affiliated parties are temporarily restricted from trading in its shares.
This precautionary measure is enforced due to the continuation of UBA’s closed period, which will remain in effect until 24 hours after the audited financial statements are officially released.
Despite the temporary setback, all three financial institutions have expressed optimism regarding the submission of their respective half-year reports.
They aim to complete the necessary processes and submit their financial statements by September, ensuring transparency and adherence to regulatory requirements.
As the market anticipates the release of these financial statements, stakeholders are keen to gain insights into the financial performance and stability of these key players in the Nigerian financial sector.
The extensions and explanations provided by UBA, Zenith Bank, and Stanbic IBTC Holdings shed light on the intricate processes and regulatory obligations that underpin the financial reporting landscape.
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