Guinea Insurance Seeks More Time to File FY 2018, Q1 2019 Results

By Dipo Olowookere

The management of Guinea Insurance Plc has appealed for an extension of time to file its financial statements for 2018 and for the first quarter of 2019.

In a notice to the Nigerian Stock Exchange (NSE) this week, the insurer explained that the reason for the delay in filing the results was because of the adoption and implementation of IFRS 9 on Financial Instruments, and IFRS 4 (as amended) on Insurance Contracts.

“The general public is hereby notified that Guinea Insurance Plc will be unable to file its first quarter unaudited financial statements for the period ended March 31, 2019.

“We are aware that the regulatory due date of the Nigerian Stock Exchange, April 30, 2019 and has consequently appealed to the Exchange for an extension of time to file same.

“The request for extension of time is due to the fact that Guinea Insurance Plc is yet to file its Audited Financial Statements for the year ended December 31, 2018 as a result of the delays associated with the adoption and implementation of IFRS 9 on Financial Instruments, and IFRS 4 (as amended) on Insurance Contracts.

“We sincerely apologize for any inconvenience caused and are optimistic to submit the Accounts to the Exchange as soon as possible,” the company said.

Last year, Guinea Insurance Plc clocked 60 years in the business of providing quality underwriting services to customers.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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