Ecobank delays fourth quarter 2022 result
Ecobank Transnational Incorporated has said it will delay the release of its fourth quarter 2022 Unaudited Financial Statements
The Securities and Exchange Commission’s (SEC) listing rules mandate publicly listed companies on the Nigerian Stock Exchange to publish their quarterly results 30 days after the end of each quarter.
Also, the capital market regulator stated that companies are to release Annual Audited Financial Statements (AFS) within 90 days after the year-end
Although the commission gave the option to release their yearly financial statements within 60 days if they are unable to submit their earnings report for the fourth quarter 30 days after the quarter.
Read also:Ecobank fined N3.2m for breaching NGX listing rules
Ecobank said it chose the option to release the Annual Audited Financial Statements after 60 days of the end of the year, which means the fourth quarter will not be out until March 2023.
The financial institution made this known in a circular sent to the investing public dated February 2, 2023, and obtained by Ripples Nigeria on Friday.
According to the circular, the commercial bank didn’t give a reason for the delay.
Ecobank informed investors that, “We write to advise the Nigerian Exchange Limited (“NGX”), shareholders of Ecobank Transnational Incorporated (“ETI”) and all stakeholders that the Board of Directors of ETI shall hold a board meeting on February 24, 2023 to consider the Annual Financial Statements for the year ended December 2022 (“Audited Annual Financial Statements”).
“In compliance with the announcement by the Securities and Exchange Commission, Nigeria dated 19 January 2022 requiring all public companies to elect whether to file the Q4 UFS within thirty (30) days after the Quarter end, and file the Annual Audited Financial Statements (AFS) within ninety (90) days after the year end to file the Q4 UFS, but to file the AFS within Sixty (60) days after the year end, ETI elected to file the Audited Annual Financial Statements within Sixty (60) days after the year end.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...