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COVID-19: NSE extends time for submission of audited financial statements

The NSE has extended the time for quoted companies to submit their audited financial statements for the year ended December 31, 2019.

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The Nigerian Stock Exchange (NSE) has extended the time for quoted companies to submit their audited financial statements for the year ended December 31, 2019.

This was contained in a circular, which was addressed to Dealing Member Firms (DMFs) on March 24, and signed by the Head, Broker Dealer Regulation of the Nigerian Stock Exchange.

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According to the NSE, the decisions outlined in the circular, are part of measures taken by The Exchange to reduce the business and economic impacts on the activities of the Dealing Member Firms.

What it means: This decision means that the NSE has approved a temporary suspension of the provisions of Rule 7.4 (Submission of Financial and Non-Financial Reports to the Exchange) of the Rulebook of the Exchange, 2015 as amended.

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The Rule states that, ‘Every Dealing Member shall submit to the Exchange its audited financial statements, within ninety (90) calendar days of the end of the fiscal, and its quarterly returns within thirty (30) calendar days of the end of the quarter; and any other periodic report within the period stipulated by the Exchange’.

[READ MORE: COVID-19: UCH restricts access to facility, as minister calls for tracking of all cases)

As part of its statement in the circular, the NSE appreciates the fact that some of the internal governance, auditing and other processes including the engagement of external auditors to carry out the audit of Dealing Member Firms, may have been negatively affected by the outbreak of the coronavirus pandemic.

As a result, The Exchange has decided to grant all DMFs an additional sixty (60) day grace period for the submission of their audited financial statement for the year ended December 31, 2019 which was supposed to be due for submission on Monday, March 30, 2020.

This means that the deadline date for submission of the audited financial statement for all the DMFs has now been extended to Friday, May 29, 2020.

It should be noted that, the COVD-19 outbreak has started affecting the capital market obligations of some of these quoted companies. Just yesterday UBA and Transcorp, announced the postponing of their Annual General Meeting (AGM).

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Patricia

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

1 Comment

1 Comment

  1. Ola Ilesanmi

    March 25, 2020 at 11:08 am

    I wish to commend some / Registrars broken houses that felt the need to extend SMS to stake holders/shareholders on the reasons of agm postponements as well as giving development especially Afrifund , Cardinal Stone , GDR .
    Thanks .

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Coronavirus

COVID-19: WHO warns there may never be an immediate solution to the virus

WHO urged governments and citizens to focus on known basic steps to contain the pandemic.

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Virtual hackathon: WHO offers $20,000 to curb Coronavirus with African-tech solution, covid-19, coronavirus

The World Health Organization (WHO) has warned that there might not be an immediate solution or cure to the COVID-19 pandemic despite the positive outcomes at the different levels of trials of vaccines for the virus.

The WHO said that despite strong hopes for a vaccine, there might never be a silver bullet for COVID-19, and the road to normality would be long.

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According to the latest data, the coronavirus pandemic has infected over 18.1 million people with more than 690,000 fatalities globally since late January, when the virus was first reported. This is just as some countries that thought they worst was over for them started experiencing a second wave of outbreak.

The Director-General of the WHO, Tedros Adhanom Ghebreyesus, and Mike Ryan, WHO head of emergencies, urged governments and citizens to focus on known basic steps to contain the pandemic such as testing, contact tracing, maintaining physical distance and putting on a mask.

Tedros in a virtual news briefing in Geneva, said, ‘’The message to people and governments is clear, Do it all. He said face masks should become a symbol of solidarity around the world. A number of vaccines are now in phase three clinical trials and we all hope to have a number of effective vaccines that can help prevent people from infection. However, there’s no silver bullet at the moment, and there might never be.’’ 

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Chinese Investigation

The WHO officials revealed that an advanced investigation team that was sent to China where the virus started, are not yet back. The UN health agency sent an epidemiologist and an animal health specialist to China on July 10 to lay the groundwork for a probe aimed at identifying how the virus entered the human species.

Tedros said WHO and Chinese experts had agreed on the terms of reference and a programme of work for a WHO-led international team of scientists and researchers from around the world. They are to study the origins of the virus in the city of Wuhan.

The WHO boss encouraged mothers to continue breastfeeding even if they had COVID-19, as the benefits outweigh the risks associated with infection.

Tedros also said the international hunt for a vaccine has been historic against the backdrop of the coronavirus disease being the biggest global health emergency since the early 20th century.

Tedros said, ‘’There are many vaccines under trial, a couple in the final stage of clinical trials – and there is hope. It does not mean that we will have the vaccine, but at least the speed with which we reached the level we reached now is unprecedented.”

“There are concerns that we may not have a vaccine that may work or its protection could be for just a few months, not more. But until we finish the clinical trials, we will not know.”

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Patricia
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Business

Shoprite Nigeria is worth at least N25 billion

N25.6 billion price tag is only reflective of what Shoprite Nigeria’s operations is worth on paper.

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Shoprite

Africa’s largest retail chain, Shoprite, announced on Monday that it is has decided to divest from its Nigerian retail entity, Retail Supermarkets Nigeria, the owners of Shoprite Supermarket Nigeria.

Going by several media reports and social media accounts, the sale is close to being consummated and a buyer is already in line to purchase the company. Getting information on the purchase consideration for this deal can be difficult especially if there are non-disclosure clauses.

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For example, then Zinnox purchased Konga from Naspers (another South African firm) and AB Kinnevik two years ago, though the purchase consideration was not disclosed.  However, we do not know what Shoprite Nigeria is worth on paper.

What is it worth on paper? Going by the company’s most recent annual report published in June 2019, Shoprite values its equity in its Nigerian subsidiary, Retail Supermarkets Nigeria Ltd at R 1.164 billion (1.1 billion rands). This translates to about N25.6 billion using the official exchange rate. This is also an equivalent of $67.7 million. The exchange rates are modest and will certainly be higher if the transaction was to be at this valuation.

However, the N25.6 billion price tag is only reflective of what Shoprite Nigeria’s operations is worth on paper, what accountant’s callbook value. It could be more or even less depending on how the negotiation goes.

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Shoprite Nigeria business is also its second-largest, based on book value and next only to Angola.

How will it be funded? The potential investors will likely fund this transaction via debt or equity or a combination of both. Deals like this also take time to be completed even if an agreement is announced and will also be approved by the Securities and Exchange Commission of Nigeria and possibly South Africa.

We will keep you updated as we get more information.

Patricia
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Business

Social clubs, recreational centres to reopen August 14

The closure of all spas, bars, lounges, night clubs, cinemas, and game arcades remains in place.

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Social clubs, recreational centres to reopen August 14, Lagos International Trade Fair to get permanent site soon, Sanwo-Olu vows , Lagos State discloses road expansion plans in an effort to combat traffic, Lagos State cracking down on Uber, Bolt, Ocar a week after Okada, Keke Napep ban , LASG increases health workers’ allowances, commissions local production of face masks

The Lagos State Government has announced that social clubs and recreational centres will be allowed to reopen operations starting from Friday 14 August 2020.

Earlier today, the government released a statement via its official Twitter handle, in which Governor Babajide Sanwo-Olu was quoted to have said that the reopening would be subject to clearance and possession of the Provisional Safety Compliance Certificate. This clearance certification can be gotten right here.

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The Governor also added that at the moment, the safety clearance certificates are only being issued to social clubs with registered trustees.

READ MORE: Update: Lagos to reopen worship centres on August 7

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READ: EPL clubs to be fined £37 million each over suspension of matches

In the meantime, however, the closure of all spas, bars, lounges, night clubs, cinemas, and game arcades remains in place. Any of the listed businesses that reopen prior to the set date and without meeting the set guidelines will be shut down. A monitoring and enforcement team will be at work to ensure that the “guidelines and directives are complied with to the letter”.

The Backstory

As part of moves towards a complete easing up of the lockdown, the Lagos State recently announced the reopening of schools. The government also announced that the reopening of religious houses and places of worship would take effect from August 7.

However, this is subject to strict adherence to standard precautions that have been put in place. All schools are expected to provide hand-washing facilities and ensure physical distancing within their premises. The Lagos State government will make available face mask 200 schools to which this reopening exemption applies for the duration of the reopening.

Relevant agencies have been directed to carry out spot checks and random inspections of schools and defaulters will be sanctioned appropriately.

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