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Why First Bank management fails to meet financial report deadline

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3 years ago

July 4, 2022

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First Bank Of Nigeria

First Bank of Nigeria (FBN) Holdings has failed to meet the submission deadline for Unaudited Financial Statements for the first quarter ended March 31, 2022, while its market rivals have released theirs.

According to listing rules of the capital market authority, Nigerian Exchange Limited (NGX), public companies or firms listed on the stock market are mandated to publish their quarterly financials 30 days after the end of each quarter.

While publicly traded companies are directed to submit their annual financial statements 90 days after the year end period. If a company fails to submit either its yearly or quarterly earnings report to the public, such entity is forbidden to publish the next period’s financial statements.

Ripples Nigeria gathered that First Bank management has neither published its Q1 2022 earnings report, nor releases it Audited Financial Statements for the year ended December 31, 2021.

So following its failure to publish 2021 financial statements, First Bank Holdings is barred from submitting the first quarter financials of this year, and the former was only sent to the regulator, Central Bank of Nigeria (CBN) on April 29, 2022.

In a statement obtained from the NGX on Thursday, FBN Holdings explained that on or before May 30, 2022, the Audited FY statements for last year, and the Unaudited results for Q1 2022, will be published.

“FBN Holdings Plc wishes to notify the Nigerian Exchange Limited (‘NGX’ or ‘the Exchange’) and the investing public that the Company was unable to file and publish its Unaudited Financial Statements (Q’1 2022 UFS) for the first quarter ended March 31, 2022, by April 30, 2022, as required under the Rules of the NGX.

“The Company’s inability to publish was due to the delays in finalizing the Audited Financial Statements (FY 2021 AFS) of the Group for the year ended December 31, 2021. The FY 2021 AFS was concluded and submitted to the Company’s primary regulator on April 29, 2022.

“FBNH plans to publish both the FY 2021 AFS and the QI 2022 UFS on or before May 30, 2022, by which time the necessary approval would have been obtained from our primary regulator.” The statement reads.