African Alliance Insurance Plc has notified its esteemed shareholders and other stakeholders that the Company’s Unaudited Financial Statements (UFS) for the period ended June 30, 2021, will not be filed before the regulatory due date of July 30, 2021.
“This delay is occasioned by the fact that the Company is yet to file its Audited Financial Statement (AFS) for the period ended December 31, 2020, which is a prerequisite for filing the 2021 Q2, UFS.
However, the 2020 AFS has been submitted to its primary regulator, National Insurance Commission (NAICOM) for approval and the Company is awaiting the Commission’s nod”, the company said in a recent notice at the Nigerian Exchange Limited.
African Alliance Insurance Plc said it has sought and obtained approval of the Nigerian Exchange Limited (NGX) extension of time up to September 29, 2021, to submit the 2021 Q2 UFS, while reassuring shareholders and other stakeholders that the Company is working assiduously towards submitting its Q2, 2021 Unaudited Financial Statements (UFS) within the period extended by the Exchange.
The X-Compliance Report of the NGX Regulation which identified delinquent filers of audited financial statements, African Alliance Insurance Plc was tagged with Missed Regulatory Fillings (MRF), for non-rendition of its Audited Financial Statements for 2020 and 2021 Quarterly Unaudited Financial Statements.
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The X-Compliance Report is a transparency initiative of NGX Regulation Limited (NGX RegCo), which is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
African Alliance Insurance Plc had paid penalty of N3.2million for untimely rendition of its audited financial statement for the year ended December 2019. Also for untimely rendition of its first-quarter (Q1) 2020 financial statement, the company was paid N2.5million penalty while for Q2 2020 it paid penalty of N400, 000. The X-Compliance Report of the NGX Regulation shows that on July 2, 2021, African Alliance Insurance Plc was suspended for its failure to file the relevant accounts by the expiration of the Cure Period.
Companies that are listed on the Nigerian Exchange Limited (NGX) are required to adhere to high disclosure standards which are prescribed in the Rulebook of the Exchange, 2015 (Issuers’ Rules), and other Rules of the Exchange, from time to time.
Financial information, which is periodic disclosure, as well as ongoing material information disclosure, should be released to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.
