By Modupe Gbadeyanka
The management of FBN Holdings Plc has explained why the group has not released its financial statements for the year ended December 31, 2017.
In a statement issued yesterday, the financial powerhouse explained that the delay was caused by the peculiar structure of the group.
According to FBN Holdings, it has subsidiary companies across the banking, insurance and other sector and each of these firms needs to obtain submit their financial statements to their respective regulatory agencies for approval.
“FBN Holdings Plc wishes to inform its stakeholders that the company has not been able to file its Audited Financial Statements (AFS) for the year ended December 31, 2017 by March 31, 2018 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 to FBNH for consolidation.
“Thereafter, FBNH is also required to obtain the approval of its primary regulator before submission and filing with the NSE,” the statement said.
However, the firm did not state when it intends to complete the whole process for eventual release to the investing public.
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