FCMB fails to meet deadline for Q3 financial results, gives reasons

Financial service group, FCMB Group Plc, in a notice to the Nigerian Stock Exchange and the investing public, said it won’t be able to release its third quarter results for the period ended September 30, 2019, before the deadline as stipulated by the exchange.

The notice which was signed by the company’s secretary, Funmi Adedibu, said it won’t be able to release its Q3 2019 results by October 31, 2019.

Rule 13.19 (g) of the Nigerian Stock Exchange Rulebook of 2015 specified that listed companies must send their results, whether audited or not, within 6 weeks after the end of a quarter.

“To send to The Exchange, quarterly statements and forecast whether or not audited not later than six (6) weeks after the end of the period.”

The financial service company stated that the delay is due to the commencement of the interim audit for its commercial bank subsidiary, First City Monument Bank Limited for Q3 2019. Consequently, the consolidated third quarter 2019 results of the group will be released on or before November 29, 2019.

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FCMB Group Plc is a financial service company that started as a stock-broking firm – City Securities Limited – in 1977. In 1982 the company acquired a license to start a merchant bank, First City Merchant Bank – becoming the first local bank established without government support.

The name of the bank was later changed to First City Monument Bank, following its transformation into a universal bank. In 2004, a private placement of shares raised over N7 billion, followed by a conversion into a public liability company, the company was listed on the Nigerian Stock Exchange (NSE).

FCMB stocks traded at N1.60 during trading session on the floor of the NSE.

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