Dipo Olowookere
By Dipo Olowookere
One of the underwriting companies in Nigeria, International Energy Insurance (IEI) Plc, has explained the reason its audited financial statements for the 2019 accounting year have not been released.
In a notice on Wednesday, the company attributed the delay to the ongoing restructuring exercise aimed at making its operations better.
However, the firm has promised to ensure things are done properly and get the audited results filed to the Nigerian Stock Exchange (NSE).
In the disclosure, the underwriter said it should get the documents submitted for perusal by the investing community on or before October 30, 2020.
However, the management of International Energy Insurance stressed that the results would also be looked into by the National Insurance Commission (NAICOM) before released to the public.
“The management of International Energy Insurance Plc wishes to notify our esteemed shareholders and customers that the company was unable to file its unaudited financial statements for the period ended June 30, 2020, to the Nigerian Stock Exchange (NSE) within the stipulated due date.
“The reason for the delay in filing our financial statements is the restructuring exercise going on in the company.
“The interim board has been working on the total restructuring of the company while ensuring a successful recapitalisation in line with the new capital requirements.
“However, the audit of the year 2019 financial statements is ongoing and would soon be concluded. This would be submitted to the Nigerian Stock Exchange after approval by our regulator, the National Insurance Commission (NAICOM).
“The anticipated filing date of the financial statements for the period ended June 30, 2020, is on or before October 30, 2020, to the Nigerian Stock Exchange,” the notice said.
