Union Bank Plc has joined the growing list of quoted companies yet to release their financial result for the year ended December 2017.
In a letter of a notice sent to the Nigeria Stock Exchange, the bank regretted the delay in filing its financial results, it, however, noted that the delay was due to the ongoing finalization of its accounts with the regulators and its external auditors.
The bank assured that the process will be concluded before the 15th of May.
Recall, that the CBN in its Monetary, Credit, Foreign Trade, and Exchange Guidelines for Fiscal Years 2018/2019 recently released, threatened to impose heavy sanctions on Bank executives that fail to comply with the filing of financial results within the stipulated period.
The guideline noted that the CBN will hold the Board Chairman and Managing Director of any defaulting bank directly responsible for any breach and impose appropriate sanctions, which may include barring the Managing Director or his/her nominee from participation in the Bankers’ Committee.
Also part of the sanctions include suspension of the foreign exchange dealership licence of the bank and its name sent to the Nigerian Stock Exchange (in the case of a public quoted company) and removal of the Chairman and Managing Director/CEO from office if the accounts remain unpublished for 12 months after the end of the Bank’s financial year.
