FBN Holdings Inform NSE 30-day extension to submit financial statement

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 FBN holdings plc  in a release informed its stakeholders that the company will not be able to meets up the filing its Audited Financial Statement (AFS) for the year ended December 31, 2016 by March 31, 2017 as required under the rules of the Nigeria Stock Exchange (‘Exchange’ or ‘NSE’).

The company has requested and was granted a 30-day extension by the Nigeria Stock Exchange to submit the accounts on or before April 30, 2017

According to the statement signed by Tijani M Borodo, the Company Secretary and sent through the trading floor of the Nigerian Stock Excahnge to investing public, diclosed the reason for the delay is purely due to the peculiar of FBNH’s Group structure. The release noted that 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 31alongside the holding company.

“Each of these subsidiaries needs to audit its financial statements and obtain the approval of its respective regulator prior to submission to FBNH for consolidation. Thereafter, FBNH is also required to obtain the approval of its primary regulator before submission and filling with the Commission” the company explained.

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