2020 Earnings: Niger Insurance Blames Restructuring for Delay
By Dipo Olowookere
Shareholders of Niger Insurance will have to wait a bit longer to have a view of the financial performance of the company in 2020.
The underwriting firm disclosed in a statement to the Nigerian Stock Exchange (NSE) on Friday that the delay was caused by the reorganisation of its business structure.
It said this affected the preparation of the financial statements, noting that once completed, the documents would be made available to the board for approval before being transmitted to the National Insurance Commission (NAICOM).
NAICOM is the agency saddled with the responsibility to regulate activities of insurance companies in the country and as required by its guidelines, financial statements first undergo scrutiny before being released to the stakeholders.
In the notice today, Niger Insurance expressed optimism that the process would be made available to the investing public for perusal.
“The board of directors and management of Niger Insurance Plc hereby inform their esteemed shareholders and other stakeholders that the company’s Audited Financial Statements (AFS) for the year ended December 31, 2020, is currently awaiting approval from the board of directors of the company for onward submission to its primary regulator, NAICOM.
“The unintended delay in the submission resulted from the inadvertent delay in concluding the financial statements of the company and the on-going restructuring events in the company.
Concluding, Niger Insurance said, “While we are optimistic that the Audited Financial Statements will soon be submitted to the Nigerian Stock Exchange (NSE) once approved by the board and NAICOM, the board and management sincerely apologise for any inconvenience that this delay might have caused its stakeholders.”