Why Linkage Assurance 2016 audited result will be delayed

Linkage Assurance, one of Nigeria’s leading insurance solution providers recently informed the Nigerian Stock Exchange (NSE) and the investing public that its 2016 audited financial statement will be filled later than the prescribed March 31, 2017.

Daily Times Nigeria recalls that the National Insurance Commission (NAICOM) in February 2017 confirmed the appointment of Pius Apere as the substantive Managing Director/ Chief Executive Officer of Linkage Assurance Plc.
Apere was appointed acting managing director on January 1, 2017 following the exit of former managing director of the company.

Meanwhile, the delay, Linkage Assurance explained is as a result of challenges encountered during the 2015 audit exercise following delay in the approval of the annual account of a private company where Linkage has unquoted shares accounting for 75 per cent of its investments portfolio.

Statement released to the NSE, signed by Mrs. Kehinde Ayodele, the company’s Secretary further revealed that delayed approval and publishing of its 2015 accounts and also prolonged the holding of Annual general meeting which eventually held on Tuesday 7th February 2017.

Consequently, our newly appointed external auditors, KPMG following the completion of the statutory five years tenure of Aknintola Williams Deloitte (AWD) could not commence work until the ratification of their appointments at the referred AGM “February 2017 AGM.

Linkage said that the delay in the commencement of commencement of audit exercise for 2016 necessitated the company’s application to the exchange seeking an extension of one month beyond the regulatory due date of March 31st 2017 within which to file the 2016 audited accounts.

Accordingly, having received approval from the NSE, the company expressed determination to file the accounts by April 30th 2017.

While the company is working diligently to meet up with statutory deadline, the decision to seek an extension is solely to avoid putting the company in a dire situation in the unlikely event that the account is not ready for filling by the regulatory due date.

“In this regard, we urge all our esteemed shareholders and the general public to remain confident as there is no cause for alarm” while re-iterating the company’s commitment to operational excellence, due diligence and best-in-class financial services.