Yemisi Izuora
FBN Holdings Plc has informed its stakeholders that it will not be able to file its Audited Financial Statements (AFS) for the year ended December 31, 2016 by March 31, 2017 as required under the rules of the Nigeria Stock Exchange (NSE).
The reason for the delay is purely due to the peculiarity of FBNH’s Group structure.
FBNH has subsidiary companies operating in the Banking and Insurance sectors as well as the Capital market, all with a common financial year end of December 31 alongside the holding company.
Each of these subsidiaries needs to audit its financial statements and obtain the approval of its respective regulator prior to submission of FBNH for consolidation. Thereafter, FBNH is also required to obtain the approval of its primary regulator before submission and filing with the Commission.
In view of this, the company sought and was granted a 30-day extension by the NSE to submit the accounts on or before April 30, 2017.