BUSINESS

NGX Group Joins UBA, GTCO, Others Not To Submit Unaudited Results Within 30 Days

The Nigerian Exchange Group Plc (NGX Group) and many quoted companies on the Nigerian Exchange Limited (NGX) have started announcing their option of not to file their Fourth Quarter (Q4) unaudited returns with the Exchange within 30 days after the quarter end, but to file the annual audited financial statements within 60 days after the year-end, that was recently given by the Securities and Exchange Commission (SEC).

NewsBeatng reports that SEC had announced on 19 January 2022 and NGX Regulation Limited’s (NGX RegCo) in a circular of 21 January 2022 asked all public (listed) companies to either file the Q4 Unaudited Financial Statements (UFS) within 30 days after the quarter end, and file the Annual Audited Financial Statements (AFS) within 90 days after the year end; or not to file the Q4 UFS, but to file the AFS within 60 days after the year end.

Among the companies that opted not to file the Q4 UFS, but to file the AFS within 60 days after the year end on Friday include Guaranty Trust Holding Company Plc, Nigerian Breweries Plc, Champion Breweries Plc , Guinness Nigeria Plc, Transcorp Hotels Plc, Transcorp, Tantalizers Plc, United Bank for Africa Plc, Lafarge Africa PLC, United Capital Plc and Access Bank Plc.

Sequel to the Pilot Scheme on filing of Q4 and AFS by public companies introduced in March 2019, SEC earlier notified all public companies of the two available options on filing of Q4 and AFS.

The notice however warned that “consequently, public companies are advised to adopt a filing regime and strictly adhere to its preferred filing option.

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“Public companies should note that failure to abide by an adopted filing regime will be deemed a violation of Section 60 of the Investments and Securities Act, 2007.”

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