Key Highlight
- They will fail to meet the deadline of 31st March 2023 required to file the Audited Financial Statements for the year ended 31st December 2022 (2022 AFS) and the 1st quarter of 2023 as a result of a court order.
- A Garnishee Order Nisi was given against the Company which resulted in all its bank accounts being frozen.
- The Company has appealed the Order and is hopeful that the Garnishee Order would be vacated.
Afromedia Plc has said it will be unable to meet the deadline of 31st March 2023 when it is required to file its audited financial statements for the year ended 31st December 2022 due to a court that froze its bank accounts.
This was disclosed in the company’s notice to the Nigerian Exchange, a copy of which was obtained by Nairametrics.
Afromedia is unable to meet NGX’s listing rules
According to the statement signed by Lexworth Legal Partners, Company Secretary, the company said that it will be unable to file its FY 2022 and Q1 2023 financial statements, in order to the listing rules of the Nigerian Exchange.
It explained that on the 8th of December 2022, a Garnishee Order Nisi was given against the Company which resulted in all its bank accounts being frozen and funds therein rendered inaccessible.
The Company said it has appealed the Order and is hopeful that the Garnishee Order would be vacated with dispatch.
- “However, due to this Order, the Company is unable to fulfil its financial obligations towards the preparation of its Audited Financial Statements as well as prepare for its Annual General Meeting within the period stipulated by regulation,” it stated.
The Company stated that it shall file the 2022 Audited Financial Statements and the Unaudited Financial Statements for the first quarter of 2023 on or before the 29th of June 2023 and the 29th of July 2023 respectively.
- “The inconvenience occasioned by the delay to all stakeholders is deeply regretted,” the company said.
What you should know about garnishee order
Garnishee proceedings are simply a judicial process of execution or enforcement of the monetary judgment by the seizure or attachment of the debts due or accruing to the judgment debtor which form part of his property available in execution.
By this process, the court has the power to order a third party to pay directly to the judgment creditor the debt due or accruing due from him to the judgment debtor, as much of it as may be sufficient to satisfy the amount of the judgment and the cost of the garnishee proceedings.