NSE Deadline:FBN,Diamond Fails to File 2017 Audited Accounts

The First Bank Nigeria Holdings Plc (FBN) has informed stakeholders that the
Company was not able to file its Audited Financial Statements (AFS) for the year ended
December 31, 2017 by March 31, 2018 as required under the rules of the Nigeria Stock
Exchange (NSE).

Diamond Bank Plc also wrote the NSE to state their inability to file its AFS on the above stated date.But according to its Company Secretary,Azuma Uja the delay was because the Central Bank of Nigeria(CBN) are yet to finish with their work on the report as at press time.

Uja however raised the hope that the result should be made available to the NSE and the investing public before or by April 30.

As regards to First Bank Seye Kosoko,the Company Secretary, said the reason for the delay was purely due to the
peculiarity of FBNH’s Group structure.

According to him” FBNH has subsidiary companies operating in the Banking and Insurance sectors as well as the Capital
market, all with a common financial year end of December 31 alongside the holding
company. Each of these subsidiaries needs to audit its financial statements and obtain the
approval of its respective regulator prior to submission to FBNH for consolidation.

” Thereafter,FBNH is also required to obtain the approval of its primary regulator before submission and
filing with The Exchange”.

However as was posited by some analysts of the market under conditions of unanimity FBNH and Diamond should do better to improve their capacity
in obeying the various rules of the market instead of giving unworthy excuses.Especially as the banks have not been doing well in resent times.