Two companies listed on the Nigerian Exchange Limited, Axa Mansard Insurance Plc and Tourist Company of Nigeria Plc will not be able to release their audited financial statements for the year ended December 31, 2023, by the required date of March 31, 2024.
The two companies informed shareholders and the public through NGX about their delay in filing the audit as per NGX and Securities and Exchange Commission Rules.
The Company Secretary of AXA Mansard Insurance Plc, Omowumi Adewusi, explained in a statement filed with the NGX on Tuesday that the firm delayed its financial filing due to unforeseen approval process delays.
The statement mentioned, "AXA Mansard Insurance Plc. may not be able to file its Audited Financial Statements (AFS) for the year ended 31st December 2023, and the Unaudited Financial Statements (UFS) for the quarter ending 31st March 2024 within the regulatory due dates of 30th March 2024 and 30th April 2024 respectively, as required by the Rules of the Nigerian Exchange Limited (NGX) and the Consolidated Rules of the Securities & Exchange Commission.
"This is because of unforeseen delays in concluding the approval process within the stipulated time, particularly with the introduction of the IFRS 17 Accounting Standards, which require several changes in the disclosure methods. The National Insurance Commission (NAICOM) has obtained, on behalf of insurance companies, a general approval for an extension of the time for submission of the accounts.
"The company is working hard to expedite the process so that the AFS for the year ended 31st December 2023 and UFS for the quarter ending 31st March 2024 are filed not later than 30th May 2024. AXA Mansard Insurance Plc regrets the inconveniences that this delay may cause its shareholders and the public."
Similarly, the Tourist Company of Nigeria Plc is expecting a delay in filing an annual report for the year ended December 31, 2023.
In a statement filed with the NGX and obtained by PUNCH Online on Tuesday, the Company Secretary, TCN, Lovelyn Aniekwe, said the firm would not be able to meet the deadline for filing its mandated audited financial report within the due date of March 31, 2024.
She said, "The Tourist Company of Nigeria Plc (TCN or the Company) wishes to notify Nigerian Exchange Limited (NGX), its shareholders and the public that the Company will not be able to release its Audited Financial Statements for the year ended 31 December 2023 (2023 AFS) by the due date of 31 March 2024.
"This delay is due to the fact that TCN’s external auditor, BDO Professional Services, will likely qualify its opinion as there is a Material Uncertainty Related to Going Concern paragraph which will be included in its audit opinion.
BDO needs to follow a law that says they must give the Financial Reporting Council of Nigeria (FRCN) any reports that have problems, and they can't release financial statements until the FRCN fixes any accounting issues. They have to give the approved financial statements and an explanation to the FRCN for review before sharing the results with the public.
The company expects to release the 2023 AFS by June 28, 2024.
