By LOVETH AZODO, Lagos
African Alliance Assurance Plc has debunked a report which opined that the company was sanctioned and fined by its regulator for delays in filing its 2019 FY financial results.
African Alliance Assurance Plc, debunked the report in a statement signed by its Brand, Media and Communications Manager, Bankole Banjo, describing the report as half-truth.
It stated “Our attention has been drawn to a publication by an online medium which purportedly suggests that African Alliance is facing regulatory sanctions and fines for delays in filing its 2019 FY financial results”.
“While we would ordinarily ignore such publication on grounds that it is half-truth and unfortunate alarmist headline, we feel it is important we let you, our honourable members of the fourth estate of the realm and respected stakeholders, know the entire truth without prejudice”.
“For the records, although African Alliance did miss the deadline for filing its returns to the Nigerian Stock Exchange (NSE) but we have since requested and received approval for the extension of the deadline for the submission of the reports”.
“This much and the reason for our inability to file were communicated in a notice published by two national dailies and on our website on Friday, 5 June, 2020.
“For emphasis, we also wish to bring to your notice that our 2019 AFS and 1st quarter UFS have been submitted to our primary regulator (NAICOM) for approval, hence, the delay”.
“Seeing as many companies within our industry and beyond missed the deadline, one can only wonder why African Alliance is the publisher’s interest amongst the comity of companies”.
“As we go about our business, we reiterate our unflinching commitment to meeting our responsibilities as due”.
The company had in a statement titled “Approval of extension of time to file audited financial statement for the period ended 31st december, 2019 and unaudited financial statements for the periods ended 31st march 2020” signed by its company’s secretary, Chinenye Nwankwo that the reason for the delay was due to the fact that the Company is still awaiting approval
of its primary regulator, the National Insurance Commission (NAICOM) on the said accounts.
It stated “African Alliance Insurance Plc (hereinafter referred to as “the Company”), wishes to notify its esteemed
shareholders and other stakeholders that the Company has obtained the approval of The Nigerian Stock
Exchange (The Exchange) for extension of time to file its Audited Financial Statements (AFS) for the period
ended 31st December, 2019 and First Quarter Unaudited Financial Statements (UFS) for the period ended 31st
March, 2020.
The delay in filing the aforementioned accounts is due to the fact that the Company is still awaiting approval
of its primary regulator, the National Insurance Commission (NAICOM) on the said accounts.
We sincerely regret any inconvenience that the anticipated delay may occasion to our esteemed shareholders
and investing public at large. We are following up persistently to ensure that the company’s accounts are filed
with The Exchange on or before 30th June, 2020.
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