FBN Holdings to File 2016 Audited Financial Results April

March 24, 2017

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.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Leave a Reply

Previous Story

FG Releases Amounts Paid to States in First Tranche of Paris Club Loans

Next Story

FG Unveils 48-hour Online Visa Application System

Latest from Economy

Don't Miss