Afromedia Plc has said it was unable to file its Audited Financial Statements for the year ended 31st December 2022 by the due date of 29th June 2023 with The Nigerian Exchange Limited (NGX) owing to a court that froze its bank accounts.
This was contained in the company’s notice to Nigerian Exchange Limited and obtained by Nairametrics.
Inability to meet the listing rule
According to the statement signed by Lexworth Legal Partners, Company Secretary, the company said that the delay in filing these accounts is occasioned by the Garnishee Order Nisi that was granted against the Company, which resulted in all its bank accounts being frozen and the funds rendered inaccessible.
- According to the company, “This Order has been appealed and is currently at the Court of Appeal. In the meantime, however, the Company is unable to discharge its regulatory and statutory obligations as the funds required to do so remain inaccessible.”
The Company said it proposes to file its Audited Financial Statements for the period ending 31st December 2022 by the 31st of October 2023 or as soon as the Garnishee Order is vacated, whichever event comes first.
- “The inconveniences occasioned by this delay to all Stakeholders are deeply regretted,” the company said.
What you should know
Garnishee proceedings are simply a judicial process of execution or enforcement of 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 direct 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.