IEI announces delay in filing audited accounts

The International Energy Insurance (IEI)  has said that its company’s audited accounts ended 31 December 2016 which was scheduled for release on  the 31, March 2017 has been postponed to  30 June  2017.

This was communicated to the Nigeria Stock Exchange (NSE) in a letter that was available on the Exchange’s website.

The company’s management said the delay is accessioned by the interim board appointed by NAICOM which met the company in a dire shape and were taking steps to ensure that the outstanding accounts of 2012-2015 were audited, approved and filled with various regulators.

“While the interim board had hoped that the 2016 audited accounts will be filled within a stipulated time frame, the issue of the tenure of the former auditors (BDO Professional Services) was brought to their notice,” the letter to the Exchange said.

BDO professional services had served the company for five years and in compliance with the NAICOM code of corporate governance, the interim board of directors deemed it fit to change the company’s auditors.

Consequently the firm of Ernest and Young was duly selected by the interim board and as required by law, their appointment and approval for fixing of their remuneration was done by the shareholders at the recently concluded annual general meeting (AGM) in Kano on the 23rd of February, 2017.

However, the company had said that the distinctiveness of the delay in submitting the 2016 audited accounts lies in the fact this is the first audit by Ernst and young

IEI has applied to the Nigeria stock exchange for an extension of time till the 30th of June, 2017 of filing the audited accounts. And the company has also apologized for any inconvenience this may have cost our stakeholders and investors.