The United Bank for Africa, Zenith Bank, Stanbic IBTC and Wema Bank had announced that they would not meet the deadline for the filing of their audited results for the last financial year.
Stating the reasons for the delay in filling the audited results, most of them revealed that they were still getting approval from their sector regulator, which is the Central Bank of Nigeria.
According to the Nigerian Exchange rules, listed companies are expected to file their previous year’s results by March 31.
For instance, The United Bank of Africa, (UBA), in a notice filed with the NGX, said,
“This is to inform The Nigerian Exchange Limited, our shareholders, and the general public that the 2023 Financial Statements and Reports for the year ended December 31, 2023, submitted to the Central Bank of Nigeria is undergoing the required review and approval process. Consequently, the bank has yet to publish its audited financial statements on the NGX portal.”
It was aiming to publish the results on or before April 30, 2024.
Furthermore, Wema Bank also blamed its delay on the wait for regulatory approval, saying, “The bank is currently processing the approval of the accounts with one of its regulators and upon receipt of the said approval, the bank will release the audited financial statements for the 2023 FYE to the public immediately.”
In the corporate notice filed with the exchange, Zenith Bank, which is in the middle of transitioning to a holding company, declared;
“We have submitted our audited financial statements and accounts to the Central Bank of Nigeria for its final approval and had envisaged a delay because we recently concluded the component audit of our subsidiary companies.”
Stanbic IBTC Holdings Plc toed the same line as it stated, “This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the Central Bank of Nigeria for the 2023 full year audited financial statements, following which the said financial statements will then be released to the market.”
It is important to note Investors have been eagerly anticipating the results of top banks as they reposition their portfolios.
