The Nigerian Stock Exchange (NSE) has announced 14 listed firms yet to file in their audited financial results for the year ended December 31, 2017, 2016 and 2015.
This was contained in the X-compliance report of NSE for the period ended August 24, 2018. Post-listing rules at the NSE require quoted companies to submit their earnings’ reports not later than three months or 90 calendar days after the expiration of the period, while for quarterly results, are required to file their accounts within 30 days after the end of the quarter in accordance with Appendix iii of the Listing Rules.
For the year ended 2017, nine companies yet to file in their audited results and they are Nigerian German Chemicals, Roads Nigeria, Afromedia, African Alliance Insurance, Fortis Microfinance Bank, R.T. Briscoe, Skye Bank, Staco Insurance and Unity Bank.
Resort Savings & Loans and Skye Bank yet to file in audited reports 2016, while DN Tyre & Rubber, Multi-Trex Integrated Foods and Omatek Ventures have not released their audited results for 2015.
However, the board of Skye Bank Plc released a statement to explain why it has not been able to file its unaudited Financial Statements (UFS) for the period ended June 30, 2018.
In the statement addressed to the NSE, it disclosed that it was still awaiting the approval of the Central Bank of Nigeria (CBN). The financial institution disclosed that the document containing the company’s earnings during the period under review was approved by the board at its meeting of August 9, 2018.
“The bank’s Unaudited Financial Statements for the period ended June 30, 2018 were approved by the Board at its meeting of August 09, 2018, and have been presented to the Central Bank of Nigeria (CBN), as the bank’s primary regulator, for approval,” the statement said.
“As with the bank’s audited financial statements for previous financial years, 2016 and 2017, the unaudited financial statements for the period ended June 30, 2018 shall be published as soon as the CBN grants its approval,” Skye Bank assured.
The Exchange, in its X-compliance report, explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.
The report stated, “Companies that are listed on the Exchange are required to adhere to high disclosure standards, which are prescribed in Appendix 111 of the Listing Rules. Financial information, which is periodic disclosure and on-going material events disclosure, should be released to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.”
The NSE, in an effort to achieve a world-class capital market, has reiterated its commitment to maintaining zero tolerance posture on dealing with member firms and quoted companies on violations of rules and regulations.
Chief executive officer of NSE, Oscar Onyema, said recently that the Exchange will sustain a zero-tolerance stance on dealing with member firms and listed companies’ violations to help boost the confidence in the market.
Capital market operators said that the turnover of companies adhering to NSE rules has improved over the years, saying that timely submission of financial results or corporate information has the potential to boost and improve the performance of the capital market and shareholders who invested in those companies.
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