Sunu Assurance, Guinea Insurance, others delay filing of accounts
Sunu Assurance Plc, Guinea Insurance Plc and three others have delayed the filing of their Audited Financial Statement (AFS) for the year ended December 31, 2018, on the Nigerian Stock Exchange (NSE).
The companies in a statement to NSE gave reason for the inability TO meet with the statutory regulatory timeline of March 31, 2019 as required by The Exchange’s Rules on Filing of Accounts and Treatment of Default Filing.
Facts gathered by Nigerian NewsDirect revealed that the reason for the delay in filing of the 2018 AFS was the adoption and implementation of IFRS 9 on company’s financial Instruments, and IFRS 4 (as amended) on Insurance Contracts.
The other companies include Mutual Benefit Assurance Plc, Goldlink insurance Plc, and Standard Alliance Insurance Plc are all affected because of the directive of the primary regulator, National Insurance Commission (NAICOM).
According to the Exchange rules on filing of accounts and treatment of default filing, “where an issuer has a reasonable belief that it will not be able to file its accounts by the relevant due date, the issuer may, before the due date, submit an application for an extension of time, supported by compelling reasons and evidence in support of its inability to file its accounts by the due date.”
In a statement on the NSE, signed by the Company Secretary, Sunu Assurance, Mr. John Akujieze noted that, “The Company has obtained approval of the Nigerian Stock Exchange for extension of time to file its Audited Financial Statements for the year ended December 31, 2018, on or before June 30, 2019.
“The application for an extension would enable the company to obtain the approval of its Audited Financial Statements for the year ended December 31, 2018, from the National Insurance Commission.
“The Board and Management are optimistic that the Audited Financial Statements would be submitted to the bourse not later than April 30, 2019.”
On the other hand, Standard Alliance Insurance has noted that, “The late filing had been unanticipated as the Company had expected to finalize the audit process and publish the 2018 AFS on time.
The reason for the delay in filing of the 2018 AFS is because of the directive of our primary regulator – National Insurance Commission (NAICOM) to reconstitute the Board of Directors of the Company.
“This directive was also the reason the Company is yet to hold its 2018 Annual General Meeting. The Company has commenced the reconstitution exercise as directed and hope to complete it soon.
Meanwhile, Goldlink insurance stated that, “The Company’s inability to file its 2018 AFS is as a result of the delay it encountered in completing the audits of the 2016 and 2017 accounts, which has ultimately impacted non the audit of the 2018 accounts.
