Underwriting firm African Alliance insurance, in a notice to the Nigerian Stock Exchange (NSE) last Friday disclosed there would be a further delay in the release of its audited results for the period ended December 2017.
African Alliance attributed the delay to an offshore subsidiary that had yet to obtain approval for its audited result. This, in turn, had prevented the group consolidated results from being prepared.
African Alliance Plc was incorporated as a private limited liability company in 1960. The company became a Public Liability Company following the successful completion of a private placement exercise in June 2008.
This marks the third time this year the company would be announcing a delay in its results.
In a notice sent on the 13th of April, the firm had stated that it would not be able to submit its FY 2017 results by the March 31st statutory deadline for the same reason.
This has also prevented it from submitting its Q1 2018 results.
Though the firm did specifically mention the specific offshore firm, its financial statements for 2016 financial year shows Ghana Life Insurance Company Limited, is the company’s offshore subsidiary.
African Alliance has maintained its late submission of results despite repeated fines imposed by the NSE.
An X compliance report released in April this year by the exchange revealed the company had been fined N46.1 million in 2017.
The company in July 2013 was among several firms fined by the NSE for late submission of their audited results.
In July 2017, the company once more fell under the NSE hammer as it was suspended for non-submission of its audited results.
Excuses don’t hold
Though the company’s reasons for the delay seem reasonable, other insurers such as Continental Reinsurance, and Regency Alliance Insurance have since released their FY 2017 results.
In some cases, Q1 2018 results have been released.