Union Bank’s Financials Undergoing Finalization with Regulators, Auditors

By Dipo Olowookere

Old generation financial institution, Union Bank of Nigeria Plc, has explained why its financial statements for the 2017 business year have not been released to investing public as required of it.

In a notice to the Nigerian Stock Exchange (NSE), the bank with a white stallion on its logo said the delay was as a result of an ongoing finalisation of its accounts with the regulators and external auditors.

According to the notice, the delay is “due to the ongoing finalization of our 2017 Audited Financial Statements (AFS) with regulators and our external auditors.”

However, the lender assured shareholders and investing public that it was anticipating “that this process will be concluded before May 15, 2018.”

The results were supposed to be released on or before March 31, 2018, but the bank sought an extension to April 30, 2018, which it did not meet again.

According to the rules at the NSE, a late submission attracts a fine of N100,000 per day for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.