First Bank of Nigeria Holdings has announced that it will delay in filing its audited financial statements for the year ended December 31, 2016 as required by the Nigerian Stock Exchange (NSE) by the end of March.
FBN Holdings has, however, sought and been granted a 30-day extension by the NSE to submit the accounts on or before April 30th, 2017.
In a notice to its stakeholders through the NSE, signed by the company’s secretary, Tijani Borodo, FBN Holdings explained that the reason for the delay is purely due to the peculiarity of FBNH’s group structure.
“FBN Holdings has subsidiary companies operating in the Banking and Insurance sectors as well as the capital market all with a common financial year end of December 31 alongside the holding company.”
“Each of these subsidiaries needs to audit its financial statements and obtain the approval of its respective regulator prior to submission to FBNH for consolidation.
“Thereafter FBNH is also required to obtain the approval of its primary regulator before submission and filing with the commission,” the statement said.