FBN Holding Plc has said that it plans to publish both its full-year 2023 annual financial statement and first quarter 2024 unaudited financial statement on or before May 30, 2024.
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) seen by Nairametrics.
According to the notice, the group expects that during the period, necessary approval would have been obtained from its primary regulator.
The statement noted that the delays were due to the inability to finalize the audited financial statements (FY’2023 AFS) of the group for the year ended Dember 31, 2023.
The statement reads:
“FBN Holdings wishes to notify the Nigerian Exchange Limited (NGX) and the investing public that the company is yet to publish its unaudited financial statements for the first quarter ended March 31, 2024 (Q1 2024 UFS) by April 30, 2024, as required under the rules of the NGX.
This is due to the delays in finalising in finalizing the audited financial statements (FY’2023 AFS) of the group for the year ended Dember 31, 2023.
FBNH plans to publish both the FY’2023 and the Q1 2024 UFS on or before May 30, 2024, by which time, we expect that the necessary approval would have been obtained from the primary regulator”.
Nairametrics’ investigation has revealed that among tier-one banks, including Access Holdings Plc, GTCO Plc, FBNH Plc, UBA Plc, and Zenith Bank Plc, only FBNH has yet to release its full-year and first-quarter results within the required timeframe.
While no official reasons have been provided for the delay in finalizing the audited financial statements, speculation suggests a possible connection to the recent resignation of Adesola Adeduntan, former Managing Director of First Bank of Nigeria Limited.
In response to these developments, the Group opted to cancel its extraordinary general meeting (EGM) initially slated for Tuesday, April 30, 2024, which was intended to seek shareholders’ approval for raising an additional N300 billion in capital.
However, First Bank of Nigeria Limited has officially announced the appointment of Mr. Olusegun Alebiosu as its Acting Chief Executive Officer, effective immediately following the resignation of Dr. Adesola Adeduntan, who previously served as the Managing Director/CEO of the bank.
The announcement was made official through a notification to the Nigerian Exchange Limited. With this development, it is anticipated that the group will prioritize the publication of its delayed reports as planned.
What you should know
Companies that are listed on Nigerian Exchange Limited (NGX) are required to adhere to high disclosure standards which are prescribed in the Rulebook of NGX, 2015 (Issuers’ Rules), and other rules of NGX, from time to time.
Financial information, which is periodic disclosures, as well as ongoing material information disclosures should be released to NGX in a timely and immediate manner to enable it to efficiently perform its function of maintaining an orderly market.
