Banks split on Q4 reporting strategy as early filers meet NGX 30-day deadline

Nigeria’s listed banks have begun releasing their fourth-quarter and full-year financial results for the 2025 financial year, with early filers taking advantage of the Nigerian Exchange (NGX) 30-day interim unaudited reporting window, while several major lenders appear to be deliberately positioning for the alternative 60-day audited filing option permitted under Exchange rules.

So far, FCMB Group Plc, First HoldCo Plc, Sterling Financial Holdings Company Plc, Jaiz Bank Plc and Wema Bank Plc have published their unaudited fourth-quarter and full-year results within the NGX-mandated 30 calendar days after the December 31, 2025 year-end.

These early disclosures signal compliance with the Exchange’s interim reporting framework, which allows listed companies to release unaudited full-year figures within 30 days, provided that audited accounts are subsequently submitted within the prescribed statutory period.

As at the end of January, all five banks met the interim deadline, filing as follows: FCMB Group Plc and Wema Bank Plc on January 29; First HoldCo Plc and Sterling Financial Holdings Company Plc on January 30; and Jaiz Bank Plc also on January 30.

Their filings place them squarely within NGX’s interim reporting timeline and reflect a clear election of the unaudited Q4 disclosure route.

Stanbic IBTC Holdings Plc and Ecobank Transnational Incorporated released their Q4 results shortly after the 30-day window closed, with Stanbic IBTC filing on February 3 and Ecobank Transnational on February 6.

While these disclosures bring the total number of banks that have released unaudited Q4 results to seven, the timing places them just outside the strict interim deadline.

Meanwhile, several tier-1 and mid-tier banks appear to have consciously opted for the 60-day audited-only filing route, as evidenced by formal notifications to the Exchange referencing scheduled board meetings and the need for regulatory approvals.

Guaranty Trust Holding Company Plc had announced as far back as December 8 that its board would meet on January 27 to consider the group’s audited financial statements, with filing to follow upon receipt of the necessary regulatory approvals.

Zenith Bank Plc similarly informed the market that it would submit its full-year audited accounts after obtaining approval from the Central Bank of Nigeria (CBN).

Access Holdings Plc disclosed that its board is scheduled to meet on February 20 to review the audited accounts, while United Bank for Africa Plc stated in a January 2 filing that its board would meet on February 19, with publication of the audited results also subject to CBN approval.

Fidelity Bank Plc has likewise announced a February 19 board meeting to consider its audited financial statements.

The structure and timing of these notices strongly suggest that the banks involved have intentionally elected the audited-only route rather than the interim unaudited disclosure option.

Under the NGX Rules for Filing of Accounts and Treatment of Default Filings, listed issuers are offered two mutually exclusive options for fourth-quarter reporting. The first is the 30-day interim route, which allows companies to file unaudited Q4 and full-year results within 30 calendar days after year-end, on the condition that audited accounts are subsequently submitted within the statutory timeline.

The second is the 60-day audited-only route, which permits issuers to skip unaudited Q4 filings entirely and submit audited full-year financial statements within 60 calendar days of year-end, subject to board approval and relevant regulatory clearances.

Crucially, companies that choose the 60-day option must not file unaudited Q4 results at all. Once an unaudited Q4 filing is made, the issuer is deemed to have elected the 30-day route and is expected to comply fully with its timing requirements.

As a result, Q4 filings made after the 30-day deadline but before audited accounts are ready may expose issuers to default filing classification, depending on NGX’s regulatory assessment.

With more banks expected to release results in the coming weeks, market participants will be watching closely to see how strictly the Exchange enforces its filing rules and how quickly audited accounts follow for early filers.