Learn Africa Changes Financial Year End to March 31

By Dipo Olowookere

One of the companies listed on the Nigerian Stock Exchange (NSE), Learn Africa Plc, has announced a change to its financial year cycle.

The company, in a notice to the NSE on Wednesday, disclosed that it was changing its fiscal year end to March 31, from December 31.

According to the statement, the new development was approved by shareholders of the firm at its last Annual General Meeting (AGM).

“Learn Africa Plc wishes to notify the Nigerian Stock Exchange (NSE), its shareholders, and the investing public that, as approved by the shareholders at its last Annual General Meeting (AGM), the company’s accounting period has been changed from January 1 to December 31 to April 1 to March 31.

“We confirm that in order to adjust to the new accounting period, the audit for the 2018 financial year is with respect to the 15-month period of January 1, 2018 to March 31, 2019, after which the new accounting year of April 1 to March 31 would apply,” the company said.

Learn Africa Plc is a learning resource business established in 1961 as Longman Nigeria, a book publishing firm wholly owned by Longman Group UK Limited, now Pearson Education.

On July 23, 1996, the shares of Longman Nigeria Plc were listed on the Nigerian Stock Exchange and in 2008, the company became a subsidiary of Pearson Plc following the latter’s increase in its shareholding from 29 to 51 percent.

In 2011, however, Pearson and Longman Nigeria mutually agreed to become separate corporate entities in Nigeria.