Business - Companies
Updated: August 10, 2020

Here's Why E-Tranzact, Niger Insurance Will Submit Their Financials Late

By Olalekan Fakoyejo
August 10, 2020
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While other companies have released their financial statements for the second quarter and first half of 2020, both eTranzact International Plc and Niger Insurance Plc have not made their financials public, and both companies have been unable to submit the financials within the required timeframe of the Nigerian Stock Exchange (NSE).

In a statement seen by AllNews and addressed to the NSE, shareholders, and the investing public, both eTranzact International and Niger Insurance gave different reasons for the delay in submission. According to eTranzact International, "The development stemmed from the need of more time for those charged with governance to gather sufficient underlying information in making some significant estimates which are significant and material to the unaudited financial statements for the period. In light of this, we expect to obtain more comfort based on the outcome of our engagement with specialists.

"We sincerely apologize for any inconvenience caused and we are committed to ensuring the submission of the unaudited Financial Statements to The Exchange on or before 30th September 2020."

Meanwhile, NigerInsurance stated that "This unintended delay resulted from the inadvertent delay in obtaining the required approval on its Audited Financial Statements for the year ended 31st December 2019 from its primary regulator, National Insurance Commission (NAICOM) which is a prerequisite for the submission of the completed UFS.

"While we are optimistic that the Audited Financial Statements will soon be submitted to The Exchange once approved by NAICOMto enable the submission of the UFS, the Board and Management of Niger Insurance Plc. sincerely apologize for any inconvenience that this delay may cause to its Stakeholders."