Niger Insurance Plc says they were unable to submit the Company’s 2019 Audited Financial Statements (“AFS”) to the Nigerian Stock Exchange (NSE) by May 29, 2020 as required by exchange due to the COVID- 19 pandemic.
“This unintended delay resulted from inadvertent delay in the completion of the Actuary’s report,” the firm said in a filing.
Furthermore, the Company is required to obtain the approvals of its primary regulator, National Insurance Commission (NAICOM) as well as the Federal Reporting Council of Nigeria (FRCN) before submission to The Exchange.
“While optimistic that these Audited Financial Statements will soon be submitted to The Exchange once approved by NAICOM, the Board and Management of the Company sincerely apologise for any inconvenience that this delay may cause to its stakeholders,” the June 4th statement signed by TOLG nominees, the Company Secretary concluded.
It is unclear why the Covid-19 pandemic has had this effect on just Niger Insurance as moat other Insurers have released Full Year and First Quarter, 2020 results.