Why our 2019 financial to NSE was delayed -AAI

African Alliance Insurance Plc, said it has obtained the approval of the Nigerian Stock Exchange (NSE) for extension of time to file its Audited Financial Statements (AFS) for the period ended December 31, 2019 and first quarter Unaudited Financial Statements (UFS) for the period ended March 31, 2020.

This is just as the firm disproved an online media report that it is facing regulatory sanctions and fines as a result of this.

African Alliance in a statement: ‘Delayed Regulatory Filing: The True Picture’ signed by its Brand, Media and Communications Manager, Bankole Banjo, explained that although they did miss the deadline for filing the returns to the Nigerian Stock Exchange (NSE) but have since requested and received approval for the extension of the deadline.

He said the delay in filing the aforementioned accounts is due to the fact that the company is still awaiting approval of its primary regulator, the National Insurance Commission (NAICOM) on the said accounts.

“Our attention has been drawn to a publication by an online medium which purportedly suggests that African Alliance is facing regulatory sanctions and fines for delays in filing its 2019 financial results. While we would have ordinarily ignored such publication on grounds that it is half-truth and unfortunate alarmist headline, we feel it is important we let you, our honourable members of the fourth estate of the realm and respected stakeholders, know the entire truth without prejudice.

“For the records, although African Alliance did miss the deadline for filing its returns to the Nigerian Stock Exchange (NSE) but we have since requested and received approval for the extension of the deadline for the submission of the reports.

“This much and the reason for our inability to file were communicated in a notice published by two national dailies and on our website on Friday, 5 June, 2020.

“For emphasis, we also wish to bring to your notice that our 2019 AFS and first quarter UFS have been submitted to our primary regulator (NAICOM) for approval, hence, the delay.

“As we go about our business, we reiterate our unflinching commitment to meeting our responsibilities as due,” Banjo said.