Mansard Insurance, TCN delay filing audit with NGX

Two listed companies on the Nigerian Exchange Limited, Axa Mansard Insurance Plc and Tourist Company of Nigeria Plc will not be able to release their audited financial statements for the year ended December 31, 2023, within the regulatory due date of March 31, 2024.

Through the regulatory body, NGX, the two entities notified shareholders and investing publics of their default and postponement of audit filing as required by the Rules of the NGX and the Consolidated Rules of the Securities and Exchange Commission.

The Company Secretary, AXA Mansard Insurance Plc, Omowumi Adewusi, said in a statement filed with the NGX on Tuesday that the firm postponed its stipulated financial filing because of unforeseen delays in concluding the approval process within the stipulated time.

The statement read in parts, “This is to notify our esteemed shareholders and other stakeholders that AXA Mansard Insurance Plc. (“the Company”) may be unable to file its Audited Financial Statements (AFS) for the year ended 31st December 2023, and the Unaudited Financial Statements (UFS) for the quarter ending 31st March 2024 within the regulatory due dates of 30th March 2024 and 30th April 2024 respectively, as required by the Rules of the Nigerian Exchange Limited (NGX) and the Consolidated Rules of the Securities & Exchange Commission.

“This is because of unforeseen delays in concluding the approval process within the stipulated time, particularly with the introduction of the IFRS 17 Accounting Standards, which require several changes in the disclosure methods. The National Insurance Commission (NAICOM) has obtained, on behalf of insurance companies, a general approval for an extension of the time for submission of the accounts.

“Please be assured that the company is making great efforts to ensure that this exercise is expedited so that the AFS for the year ended 31st December 2023 and UFS for the quarter ending 31st March 2024 are filed not later the 30th of May 2024. AXA Mansard Insurance Plc sincerely regrets the inconveniences that this delay may cause its esteemed shareholders and the investing public.”

Similarly, the Tourist Company of Nigeria Plc is expecting a delay in filing an annual report for the year ended December 31, 2023.

In a statement filed with the NGX and obtained by According Online on Tuesday, the Company Secretary, TCN, Lovelyn Aniekwe, said the firm would not be able to meet up in filing its mandated audited financial report within the regulatory due date of March 31, 2024.

She said, “The Tourist Company of Nigeria Plc (TCN or the Company) wishes to notify Nigerian Exchange Limited (NGX), its shareholders and the investing public that the Company will not be able to release its Audited Financial Statements for the year ended 31 December 2023 (2023 AFS) within the regulatory due date of 31 March 2024.

“This delay is due to the fact that TCN’s external auditor, BDO Professional Services, will likely qualify its opinion as there is a Material Uncertainty Related to Going Concern paragraph which will be included in its audit opinion.

“In compliance with Section 8 (1)(n) of the Financial Reporting Council Act No. 6, 2011, Rule 5 which states that the Financial Reporting Council of Nigeria (FRCN) shall receive copies of all qualified reports together with detailed explanations for such qualifications from the auditors of the financial statements, and that the financial statements shall not be released until all accounting issues have been resolved by the Financial Reporting Council of Nigeria (FRCN), BDO is required to send a copy of the financial statements approved by the TCN Board together with an explanatory memorandum to the FRCN, for review and clearance before the results can be released to the investing public.

“However, the company anticipates that the 2023 AFS will be released on or before 28 June 2024.”