Standard Alliance Insurance has addressed the unavoidable delay in filing both its Unaudited Financial Statements for the year ending December 31, 2024, and its Audited Financial Statements for the same period.
In a notice to the Nigerian Exchange Group, Halima Jimada, the company’s Secretary/Legal Adviser, informed the NGX and its investing public that the delay in submitting these financial statements is due to a significant restructuring process the company is currently undergoing.
“In compliance with the provisions of Rule 2.1.1 of Nigerian Exchange Limited (NGX or The Exchange) Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), Standard Alliance Insurance Plc (“the Company”) wishes to notify The Exchange and the investing public of the delay in filing its Unaudited Financial Statements for the year ended December 31, 2024, and Audited Financial Statements for the year ended December 31, 2024.”
Addressing critical corporate issues
Shedding light on the significant restructuring process the company is currently undergoing, Jimada explained that it aims to address critical corporate issues and strengthen the foundation for sustainable growth, adding that as a result, the timelines for preparing and finalizing the financial statements have been affected.
“The delay in filing these Financial Statements is necessitated by a significant restructuring process the Company is currently undergoing. This restructuring is aimed at resolving critical corporate issues and strengthening the foundation for sustainable growth. Consequently, the process has impacted the timelines for preparing and finalizing the financial statements.
“We are committed to ensuring the accuracy and reliability of our financial disclosures. The extension will enable us to conclude the restructuring process and prepare high-quality financial statements that reflect the true financial position of the Company,” Jimada added.
What you should know
- Despite the challenges, Standard Alliance Insurance reassures NGX and its shareholders of its commitment to transparency and regulatory compliance.
- The company has resolved to file all outstanding financial statements, including its 2024 Q4 Unaudited Financial Statements, no later than March 31, 2025, and its 2024 Audited Financial Statements no later than June 30, 2025.
- The financial statements will be published on the company’s website and through the Issuers’ Portal.
Nigerian Exchange Group, is an integrated stock exchange group in Africa founded in 1961 in Lagos.
Following the demutualization of the NSE in 2021, NGX Group now has three subsidiaries – Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation (NGX RegCo, the independent regulation company; and NGX Real Estate (NGX RelCo).
