African Alliance Insurance says not filing Q2 results by July 30

African Alliance Insurance Plc has notified its shareholders and other stakeholders that the Company will not be able to file its Unaudited Financial Statements (UFS) for the period ended June 30, 2022 (2022 Q2 UFS) within the regulatory timeline of July 30, 2022.

The Nigerian Exchange Limited (NGX) had on Friday July 1, suspended trading in shares of nine (9) companies (African Alliance Insurance Plc inclusive) for defaulting in filing their audited financial statements for the year ended December 31, 2021.

The insurance company notified investors in its July 14 notice at the Nigerian Exchange Limited (NGX) saying that “This delay is occasioned by the fact that the Company’s Audited Financial Statements (AFS) for the Year ended December 31,2021, and also the 2022 Q1 Unaudited Financial Statements (UFS) for the period ended March 31, 2022 have not been filed, a condition precedent for filing of the 2022 Q2 UFS.”

“We wish to assure you that the Company is working assiduously towards submitting its 2021 Audited Financial Statements for the Year ended December 31, 2021, 2022 Q1 and 2022 Q2 Unaudited Financial Statements upon receipt of approval of its 2021 Audited Financial Statements from the National Insurance Commission (NAICOM). The Company regrets all inconveniences caused by it delay in releasing the financial statements,” the statement reads.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.