Ecobank has postponed the release of its Consolidated Audited Accounts or earnings report for the year ended December 31, 2022 following Central Bank of Nigeria’s (CBN) delay in approving the component audit of a material subsidiary company of Ecobank Transnational Incorporated (ETI).
Ecobank had planned to publish the financial statements within 60 days after the year’s end, which falls in the first week of March 2023.
In a corporate document on Tuesday but dated March 13, 2023, Ecobank said it will submit the Audited Annual Financial Statements for 2022 at the end of this month.
It was gathered that the Securities and Exchange Commission (SEC) of Nigeria has approved an extension of time till March 31, 2023, for Ecobank to release the financial report.
“ETI is yet to receive regulatory approval in respect of the component audit of a material subsidiary company. Accordingly, ETI has obtained the approval of the Securities and Exchange Commission of Nigeria for an extension of time till March 31, 2023 to file the 2022 Audited Accounts.
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“The details of the Audited Accounts will be published upon approval of the regulators of the relevant material subsidiary.
“Consequently, the closed period which commenced from January 1, 2023, will continue until 24 hours after the Audited Accounts for the year ended December 31, 2022 are released to the Stock Exchanges on which Ecobank Transnational Incorporated is listed,” the statement reads.
The Securities and Exchange Commission’s (SEC) listing rules mandate publicly listed companies on the Nigerian Stock Exchange to publish their quarterly results 30 days after the end of each quarter.
Also, the capital market regulator stated that companies are to release Annual Audited Financial Statements (AFS) within 90 days after the year-end.
Although the commission gave the option to release their yearly financial statements within 60 days if they are unable to submit their earnings report for the fourth quarter 30 days after the quarter.