The board of directors and management of Guinea Insurance Plc, Mutual Benefits Assurance Plc and SUNY Assurance Plc have said that they would not be able to release its financial statement within the capital market regulatory timeline.
The companies quoted on the Exchange expected to submit its financial statement on or before 90 days or three months after
a statement issued by Guinea Insurance, signed by Executive Director Finance and Administration, Pius Edobor said the company will be unable to submit its 2018 Audited Financial Statement within the regulatory timeline of March 31,2019 as required by the Nigerian Stock Exchange rules for filling of account and treatment of Default filling.
It said Guinea Insurance Plc being an insurance Company is subjected to a primary regulator, the National Insurance Commission NAICOM and is affected by the adoption and implementation of IFRS 9 on financial instruments, and IFRS 4 ( as amended) on Insurance contracts.
The board said the implementation of two accounting standards will delay the completion of the audit process and submission of the 2018 audited financial statement on time.
The board was optimistic that they would submit the accounts to the Exchange as soon as it is approved by NAICOM apologise for any inconvenience the delay in filling the report might have caused.
In another statement, the Company Secretary, SUNU Assurances Nigeria Plc, John Akujieze told shareholders and general public that the Company has obtained the approved of the NSE for extension of time to file its audited financial statements for the year ended December 31, 2018 on or before April 30th 2019.
It said that the application for extension would enable the company obtain the approval of audited financial statement for the year December 31, 2018 from NAICOM.
The board and management also said that the audited financial statements would be submitted to the NSE not later than April 30.
The Chief Compliance Officer Mutual Benefits Assurance, Jide Ibitayo, in different letter to NSE informed shareholders, investing public and key stakeholders that the company may be unable to meet the deadline of March 31 2019 to file the audited financial statements for the year ended December 31, 2018 in line with the listing rules of the Exchange.
In its explanation the statement said “as an entity subject to a primary government regulator NAICOM and being an insurance organisation we are affected by the adoption and implementation of IFRS 9 which deals with financial instruments and IFRS 4 (as amended) on insurance contracts.”
“Our primary regulator NAICOM only recently released the guidance on the implementation of the two accounting standards and held the consultative meeting with the industry on February 12, 2019. The events have affected the finalisation of our audited financial statements and we envisage that primary regulator would not have approved the financial statement by March 30, 2019.”