Cause Of Delay In Filing 2020 Audited Financial Report To NGX – African Alliance
Following the suspension of African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc and the Tourist Company of Nigeria Plc on Friday, July 2, 2021, by the Nigerian Exchange Limited for none failing of financial reports by the expiration of the cure period of June 29, African Alliance Insurance Plc has notified its Shareholders on the cause of the delay and the progress made to ensure the statement is filled.
The Cure Period is a period of 90 calendar days from the regulatory due date of 31st March 2021.
This is contained in a Press Statement on Monday, July 5, signed by the Company Secretary, Anthonia Udeh, posted on the Company’s official website titled “Notification Of Delay In The Filing Of African Alliance Insurance Plc’s Audited Financial Statements for the Year Ended 31st December 2020”
The firm said the cause of the delay in filing the statement to the Nigerian Exchange Limited is that they are awaiting the approval of the Audited Financial Statement from its primary regulator, the National Insurance Commission (NAICOM).
Anthonia said in the statement that the company is working assiduously towards submitting its Audited Financial Statement on or before August 6, 2021.
The statement reads:
“African Alliance Insurance Plc regrets to notify its esteemed shareholders and other stakeholders that the Company’s audited financial statements (AFS) for the year ended 31st December 2020 could not be filled within the regulatory timeline of 31st March 2021 and the Cure Period 1 timeline of 29th June 2021
“The Company has submitted its Audited Financial Statement to its primary regulator, National Insurance Commission (NAICOM) and is awaiting its approval, hence, the delay in filing the Audited Financial Statement to the Nigerian Exchange Limited and by extension the investing public.
“We wish to reassure you that the Company is working assiduously towards submitting its Audited Financial Statements and is hopeful of doing so on or before 6th August 2021.”
Meanwhile, the Exchange in a statement released on Friday, July 2, stated that “In accordance with the Default Filing Rules, “the suspension of trading in the shares of the above-mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange
“The suspension is in line with Rule 3.1 of Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period, Suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”.
