DIAMOND Bank, Skye Bank, Stanbic IBTC Holdings, Learn Africa, Oando, NPF Microfinance Bank and Cadbury Nigeria failed to meet earnings deadline at the Nigerian Stock Exchange.
They have formally admitted their inability to conclude the audit of their accounts for the immediate past business year in line with the regulatory timeline of three months after the end of the business year.
Post-listing rules at the NSE require quoted companies to submit their earnings reports, not later than three months after the expiration of the period. Most quoted companies including banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar as their business year. The business year thus terminates on December 31.
NSE’s regulatory filing calendar indicates that the deadline for submission of annual report for companies with Gregorian calendar business year, which ended on December 31, 2015, was Thursday, March 31.
Diamond Bank stated that it had completed the auditing of its accounts and submitted the approved accounts and report to the Central Bank of , CBN, but the apex bank has not completed the review of the accounts.
The management of Oando Plc at the weekend said it had worked diligently with its external auditor, Ernst & Young (EY) to ensure a swift conclusion of the audit process but after reviewing the financials, EY indicated that the accounts may likely need to be referred to the Financial Reporting Council of Nigeria (FRC) pursuant to Rule 5 of the recently publicised FRC Rules.
Oando stated that it expected the process to be concluded on or before May 31, this year though this is dependent on the completion of the external review process.
“The company’s management would also like to bring to the attention of its shareholders and the investor community that the accounts of the company at full year 2015 will be in line with its third quarter 2015 performance. The expected decline is attributable to the industry’s downturn, prevalent economic headwinds, as well as fiscal and monetary restrictions driven by a challenging macro environment,” Oando stated.
Learn Africa said the delay in the submission of its accounts was due to the need to manually verify a large part of the sales figure during the year due to a technical hitch in its book sales software package. Learn Africa plans to submit its report by April 12, 2016.
Skye Bank said its earnings report was delayed by the additional external audit work that arose from its merger with Mainstreet Bank Limited in 2015.
“Prior to the merger, the two banks operated as separate entities for five months of the financial year, each operating on different information technology platforms and firms of External Auditors. The foregoing has necessitated additional external audit work on the part of the surviving audit firm, being the first post–merger period,” Skye Bank stated.

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