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Again Diamond Bank fails to meet financial statement deadline

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Again Diamond Bank fails to meet financial statement deadline

Diamond Bank Plc has failed to meet the extended deadline for the submission of the audited report and accounts of the bank for the immediate past financial year.

The Bank filed a regulatory notice at the Nigerian Stock Exchange (NSE) on Wednesday to explain the reason for failing to meet the April 30, 2018 extended deadline for the submission of its financial statement for the year ended December 31, 2017.

Under the rules at the Exchange, quoted companies are required to submit their audited financial statements, not later than three months or 90 calendar days after the expiration of the period. The deadline for submission of annual financial statement for companies with Gregorian calendar business year ended December 31, 2017 was March 31, 2018.

Diamond Bank had sought extension till April 30, 2018 but the bank on Wednesday indicated that it would be seeking another extension of the deadline till later this month.

Read also: Again Diamond Bank fails to meet financial statement deadline

A late submission attracts a fine of N100,000 per day for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.

The bank stated that the audited financial statement “is still undergoing review”, noting that “the review process will be concluded within May 2018”.

“Thereafter, this will be transmitted to the Exchange and made available to the public. We will also like to notify you that the release of 2018 first quarter financial statement will follow the transmission of 2017 audited financial statement in short order,” Company Secretary and Legal Adviser, Diamond Bank, Uzoma Uja, stated.

As at the time of this report, it was gathered that a number of other quoted banks had also not filed their financial reports, including Union Bank of Nigeria Plc, Skye Bank Plc and Unity Bank Plc.

Heritage Bank and Keystone Bank, although unquoted, have also not filed in their financial reports, with monitored reports suggesting that their Chief Executive Officers may be sanctioned by the Central Bank of Nigeria (CBN).

 

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