By Dipo Olowookere
The financial statements of Zenith Bank Plc will not be ready anytime soon, the management of the top bank has announced.
In a statement issued on Monday, the company said at the moment, the half-year results have not been approved by the necessary regulatory agencies.
However, the board has considered and approved the earnings of the company for the first six months of this year and have been forwarded to the Central Bank of Nigeria (CBN).
When the boards of banks approved their financial statements, they are forwarded to the central bank, the industry regulator, for further scrutiny. It is after the CBN’s approval is obtained that the earnings are submitted to the Nigerian Stock Exchange (NSE), which then uploads them for the use of the investing public.
Zenith Bank is one of the big lenders yet to file their half-year earnings and in order not to create tension in the market when the results are yet to be released, companies are required to explain the reason for the delay.
Adhering to this listing rule, the bank issued a statement to inform the investing community why it’s yet to submit the critical financial documents as expected.
“Zenith Bank wishes to notify the Nigerian Stock Exchange and the investing public of a slight delay in the release of the audited half-year financial reports by the bank.
“The delay is to enable the bank conclude all outstanding regulatory requirements in the course of approval of the financial statements.
“Zenith Bank is, however, optimistic that the reports will be submitted to the exchange on or before September 30, 2020,” the statement signed by Mr Michael Osilama Otu, the company secretary/general counsel, said.
