International Energy Insurance Plc (IEI) has said the submission of its full year 2016 results to the Nigerian Stock Exchange (NSE), due for filing on the March 31, 2017 will be delayed till the June 30, 2017.
The company in a statement filed with the NSE on Wednesday, explained that the volume of reviews to be undertaken by its newly appointed auditors will make it impossible to meet the scheduled deadline.
According to the company “The peculiarity of the delay in submitting our 2016 audited accounts lies in the fact that this is the first audit by Ernst and Young (EY). Although the audit is currently ongoing, the nature and volume of audit reviews and documentations being undertaken will make it absolutely difficult to meet the March 31 deadline.”
IEI recently appointed EY following the issue of elapsed tenure of the former Auditors (BDO Professional Services) that was brought to the notice of the company’s interim board.
BDO professional services had served the company for five years and in compliance with the NAICOM Code of corporate Governance the Interim Board of Directors deemed it fit to change the company’s auditors.
Consequently, the firm of Ernst and Young was duly selected by the interim Board and as required by law, their appointment and approval for fixing their remuneration was done by the Shareholders at the recently concluded Annual General Meeting (AGM) in Kano on the February 23, 2017, IEI also stated.
The statement signed by both the company’s Chief Financial Officer, Emmanuel Bassey and its Interim managing Director and CEO, Peter Irene, further noted that IEI’s interim Board appointed by NAICOM met the company in a dire shape and since their appointment in May 2015 took steps to ensure that the outstanding accounts of 2012-2015 were audited, approved and filed with the various regulators.
The company is hopeful that its application to the NSE for an extension of time till the June 30, 2017, would be met with receipt of approval of the company’s audited accounts from its primary regulator (NAICOM). Adding that its regrets any inconvenience the delay may have caused its stakeholders and investors.