Africa Alliance Insurance Gets Sept 29 Deadline To Submit Financial Statements
African Alliance Insurance Plc has received a fresh deadline of 29 September 2021 from the Nigerian Exchange Limited (NGX) to submit its Unaudited Financial statement for the period ended June 30th 2021.
The underwriting firm had earlier defaulted on the NGX’s regulatory timeline of 31st March, 2021 and the Cure Period timeline of 29th June 2021 to submit its Financial report which necessitated its suspension alongside Niger Insurance Plc, Royal Exchange Plc and the Tourist Company of Nigeria from the Nigerian Bourse effective on Friday, 2 July 2021, having failed to submit their 2020 Financials.
Africa Alliance Insurance said the delay was occasioned by the delay on its 2020 Audited Financial Statement (AFS) which is a prerequisite for filing the 2020 Q2, Unaudited Financial Statements.
The NGX had in a notification to the investing public, suspended the companies citing failure to comply with Rule 3.1, One of the rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), as reason for their suspension.
The Rule states that if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange reserves the right to suspend trading in the Issue’s securities and notify the SEC and investing public within twenty-four (24) hours of the suspension.
In its response to the NGX suspension on July 6th, the Insurer said submission of its 2020 Audited report experienced delay because it was still awaiting the approval of its primary regulator, National Insurance Commission (NAICOM) on the Financial statement.
African Alliance Insurance also assured the NGX that the Company was working assiduously towards submitting its Audited Financial Statements before 6th August 2021.
But it now appears that the Nigerian Exchange Limited (NGX) has further given the insurance firm more time to submit both the 2020 Financials and Unaudited Half year report.
According to a disclosure made to the NGX by Anthonia Udeh, its company Secretary on Monday, Africa Alliance said it has received extension of time up to 29 September 2021 to submit the 2021 Unaudited Half year report.
“African Alliance Insurance Plc (the Company) regrets to notify its esteemed shareholders and other
stakeholders that the Company’s Unaudited Financial Statements (UFS) for the period ended 30th June 2021 (2021 Q2 UFS) will not be filed before the regulatory due date of 30th July 2021.
“This delay is occasioned by the fact that the Company is yet to file its Audited Financial Statement (AFS) for the period ended 31st December 2020 which is a prerequisite for filing the 2020 Q2, UFS. However, the 2020 AFS has been submitted to its primary regulator, National Insurance Commission (NAICOM)
for approval and the Company is awaiting the Commission’s nod.
The Company has sought and obtained approval of the Nigerian Exchange Limited (NGX or the
Exchange) extension of time up to 29 September 2021 to submit the 2021 Q2 UFS.
“We wish to reassure you that the Company is working assiduously towards submitting its Q2, 2021
Unaudited Financial Statements (UFS) within the period extended by the Exchange.”
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