Business

Why our financial results for 2017 is delayed – Union Bank

Published

8 years ago

May 4, 2018

Union Bank, one of the banks that are yet to release their financial results for the year ended December 2017 has given reason why it is yet to release its audited report.

In a letter sent to the Nigeria Stock Exchange on Thursday, Union Bank said it regretted the delay in filing its financial results, it, however, noted that the delay was due to the ongoing finalization of its accounts with the regulators and its external auditors.

The bank assured that the process will be concluded before the 15th of May.

Recall that Diamond Bank sent a similar request on Tuesday to the NSE requesting for more time.

Other banks who have failed to meet the April 30 deadline provided by Banks and other Financial Institutions Act (BOFIA) requiring banks to publish their audited accounts not later than four months after the end of each financial year are: Heritage Bank; Unity Bank; Keystone Bank; Skye Bank; Suntrust Bank and Providus Bank.

The CBN in its Monetary, Credit, Foreign Trade, and Exchange Guidelines for Fiscal Years 2018/2019 recently released, threatened to impose heavy sanctions on Bank executives that fail to comply with the filing of financial results within the stipulated period.

The guideline noted that the CBN will hold the Board Chairman and Managing Director of any defaulting bank directly responsible for any breach and impose appropriate sanctions, which may include barring the Managing Director or his/her nominee from participation in the Bankers’ Committee.

Also part of the sanctions include suspension of the foreign exchange dealership licence of the bank and its name sent to the Nigerian Stock Exchange (in the case of a public quoted company) and removal of the Chairman and Managing Director/CEO from office if the accounts remain unpublished for 12 months after the end of the Bank’s financial year.