By Modupe Gbadeyanka
FBN Holdings Plc has disclosed that it would no longer be able to file its audited financial statements for the year ended December 31, 2016 by March 31, 2017 as required under the rules of the Nigeria Stock Exchange (NSE).
In a notice to the NSE, the firm explained that the delay in filing its results was caused purely by the peculiarity of FBNH’s Group structure.
It explained further that the 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 of FBNH for consolidation.
“Thereafter, FBNH is also required to obtain the approval of its primary regulator before submission and filing with the Commission,” it said.
The firm said in the statement that due to this reason, it was informing its stakeholders that the company will ensure it file the statements on or before April 30, 2017.
Adedapo Adesanya