Skye Bank Plc has said its 2016 financial year result and accounts will be filed to the Nigerian Stock Exchange before the end of the current quarter, June 2017.
The bank in a statement signed by its Company Secretary/General Counsel, Babatunde Osibodu explained that the Audited Financial Statement (AFS) for the ended 2016 is currently awaiting the final approval of the Bank’s primary regulator, the Central Bank of Nigeria (CBN).
According to the statement, “This is to inform The Nigerian Stock Exchange (NSE), our esteemed shareholders and other stakeholders of Skye Bank Plc of the reasons for the Bank’s inability to file the Audited Financial Statement of Skye Bank Plc for the year ended December 31, 2016 within the extended time granted by the NSE.
“Please be informed that most of the challenges faced in the completion of the audit exercise have been surmounted, and as previously stated, the draft Audited Financial Statement (AFS) for the year ended December 31, 2016 is currently awaiting the final approval of the Bank’s primary regulator, the Central Bank of Nigeria (CBN).
“The Bank is hopeful that the 2016 AFS would be approved and filed at the NSE before the end of the current quarter,” the statement added.
The lender in a statement to NSE in March had said the 2016 AFS was with the CBN for its review and regulatory approval; and the quarterly returns for 2016 would be filed on or before Friday, May 12, 2017
The stipulated three months given by NSE to listed companies to submit Audited Financial Statements (AFS) for the year ended December 31, 2016 expires on March 31, 2017.
The Exchange explained that companies who failed to file their AFS by the due date, have violated Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, which requires listed companies to file their AFS “with The Exchange not later than 90 calendar days after the relevant year end.”
However, Skye Bank in a statement to the Bourse laid the blame on the delay on regulatory approval.
Osibodu had said, “Following the intervention of the Central Bank of Nigeria’s (CBN) in the Bank in July 2016, there was an over-haul of the Bank’s Corporate Governance framework which led to major resignations and new appointments into the Board; changes in specific internal structures and the need to have in place some other structures prior to the approval of the Bank’s accounts.
“This led to the conduct of an interim audit of the Bank’s half year accounts of 2016.
“As a result of these restructures and changes, the Bank is currently experiencing some delays with the completion of the audit exercise of its AFS for the year ended December 31, 2016,” he explained.