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More Companies delay release of annual reports

April 5 (Lagos) - Many Companies have notified the exchange regarding delay in filing their annual reports. Here is a list of those Companies and reasons for delays as explained by them.

Apart from Lafarge Africa Plc ( WAPCO ) - Company explained that audit has not completed yet and expects to file by April 10. The stock price has taken a beating since they made the announcement.

First City Monument Bank Holdings Plc ( FCMB ) which delayed filing annual results explained that the reason was due to delay in getting approval from the regulator (CBN). They have already released the result.

AIICO Group which has 3 subsidiaries (AIICO Insurance Plc, AIICO Capital and AIICO Multishield HMO) also explained that delay in releasing their result is due to delay in getting approval from their regulator (NAICOM) mainly due to their Group structure where results from 3 Companies have separate regulators and results have to be consolidated and submitted to a Primary regulator. They expect result to be filed by the end of April.

FBN Holdings Plc ( FBNH ) - First Bank also delayed their annual result due to complexity arising out of their Group structure. Group Companies have separate regulators and they must be approved by all of them before result can be consolidated and taken to Primary regulator for approval. They expect to file by end of April.

Meyer Plc ( MEYER ) explained that delay in releasing their annual results had to do with reconciliation of legacy issues and expects to file by end of April.

Multiverse Mining ( MULTIVERSE ) explained delay due to pending approval from FRC and expects to file in a couple of weeks.

Staco Insurance Plc ( STACO ) - Company explained that result has not yet been approved by regulator and expects to file by end of April.

Diamond Bank Plc ( DIAMONDBNK ) explained that result is being reviewed by CBN and expects to file by end of April.

International Breweries Plc ( INTBREW ) explained that the slight delay in filing their annual result was due to consolidation of three Companies. They Company also said they faced technical challenges in uploading the files to the exchange. The stock was lower by 5% today at close.

Linkage Assurance Plc ( LINKAGE ) explained the delay in filing results is because they have not received the clearance from regulator (NAICOM) and they expect to file in first week of May.

Guinea Assurance Plc ( GUINEA ) explained that the delay in filing result is due to delay in getting approval from regulator (NAICOM) and they expect to file by end of month.

Fidelity Bank Plc ( FIDELITYBK ) explained that the delay in filing their annual result is due to pending completion of audit and expect to file by end of April.

Abbey Mortgage Bank Plc ( ABBEYBDS ) explained the result has been submitted to CBN for approval and expect to file by end of April.

We can expect more delay announcements from Banks and Insurance Companies as these Companies face a lot of scrutiny from their regulators i.e CBN & NAICOM respectively which leads to delays in getting approvals.

reporting for easykobo.com on Thursday, April 5 2018 from Lagos, Nigeria

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