First Bank to release full-year result by April 30
Nigerian lender, First Bank has notified investors and the Nigeria Exchange Group of its inability to publish its audited full-year 2021 financial result, which was due for release by March 31, 2021.
The Nigeria Exchange Group, NGX’s rule requires all publicly quoted companies to publish audited financial reports of the previous year in the first quarter of the preceding year. Companies that fail to file within the period get 30 days’ grace after which they must pay a heavy fine.
In a notice sent to the Nigeria Exchange Group on Wednesday, First Bank said it failed to meet the statutory requirement period because of “some delays being experienced in finalising the statutory audit of the financial statements of one of the largest subsidiaries of FBNH for the year ended Dec. 31, 2021”.
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It, however, did not disclose which of its subsidiaries caused the delays.
“FBNH wishes to notify the NGX and the investing public that the company was unable to file and publish its audited financial statements for the financial year ended December 31 2021 by March 31 as required under the rule of the NGX.
“The company hopes to receive the AFS in due course to aid the finalisation of the Group accounts and its submission to CBN for regulatory approval; we hope to conclude this with a view to publishing on the NGX’s portal by April 30, 2022,” First Bank said in the notice.