By Chinwendu Obienyi
African Alliance Insurance (AAI) Plc has apologised to the investing community over the delay of its Audited Financial Statements (AFS) for the Year ended 31st December 2021, and also the 2022 Q1 Unaudited Financial Statements (UFS) for the period ended 31st March 2022.
According to a statement filed with the Nigerian Exchange (NGX) Limited over the weekend, the company’s secretary, Anthonia Udeh, noted that the delay was due to its late filing with the National Insurance Commission (NAICOM) while adding that it is yet to receive approval from the commission.
The notice read, “AAI regrets to notify its esteemed shareholders and other stakeholders that the Company will not be able to file its Unaudited Financial Statements for the period ended 30th June 2022 (2022 Q2 UFS) within the regulatory timeline of 30 July 2022.
This delay is occasioned by the fact that the Company’s Audited Financial Statements (AFS) for the Year ended 31st December 2021, and also the 2022 Q1 Unaudited Financial Statements (UFS) for the period ended 31st March 2022 have not been filed, a condition precedent for filing of the 2022 Q2 UFS”.
The company further added that it is working assiduously towards submitting its 2021 Audited Financial Statements for the Year ended 31st December 2021, 2022 Q1 and 2022 Q2 Unaudited Financial Statements upon receipt of approval of its 2021 Audited Financial Statements from the National Insurance Commission (NAICOM).
“The company regrets all inconviniences caused by it delay in releasing the financial statements”, it said.
It will be recalled that the NGX had on July 2, 2022 had suspended the company alongside 8 others for failing to file their Audited Financial Statements (AFS) for the year ended December 31, 2021. In the disclosure, the NGX stated that its action was based on Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules).
The NGX said, “The law empowers the bourse to suspend trading in defaulter’s stocks if it “fails to file the relevant accounts by the expiration of the cure period.
Also, within 24 hours after placing a suspension on the trading in the shares of any defaulting public firm, the NGX must “notify the Securities and Exchange Commission (SEC) and the market.”
