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CBN blamed, as C&I Leasing, Universal Insurance fail to meet financial reports deadline

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C&I Leasing Plc and Universal Insurance Plc have announced their inability to meet the deadline for 2021 Audited Annual and First Quarter Financial Statements submission.

According to a document released to the capital market authority, Nigerian Exchange Limited (NGX), on Tuesday, C&I Leasing blamed the delay on the Central Bank of Nigeria (CBN).

It stated that the CBN was still reviewing its audited accounts and hasn’t given C&I approval to submit its 2021 Annual Financial Statements. The firm is uncertain when it will submit the financials.

“The Company’s audited accounts are currently undergoing review by our primary regulator, the Central Bank of Nigeria. We had envisaged and made requisite plans in ensuring the approvals for filing was obtained before the stipulated regulatory filing deadline. However as at today, we are yet to obtain the mandate to proceed to file.

Read also: Neimeth leads gainers, C&I Leasing tops losers as NGX closes at N22.12trn market cap

“We understand the importance of the audited report to the Exchange and the general public and we pledge to file and make them available once they are approved by the Central Bank of Nigeria.” the statement reads.

Universal Insurance is still auditing its audited annual and unaudited quarter financial statements, and the firm is yet to receive approval from its board and the market regulator, National Insurance Commission (NAICOM).

The company in a statement on Tuesday, said it has received NGX nod for an extension. Universal Insurance said both financials would be submitted on or before July 29, 2022.

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