The board of Equity Assurance Plc, on Friday announced through the Nigerian Stock Exchange (NSE) that it plans to restate its audited financial statements for the year ended December 31, 2017.
A terse statement by John Akujieze, its company secretary, dated January 4, 2018, said the decision is in line with a directive of the Financial Reporting Council of Nigeria (FRC).
Reasons for the restatement were not offered, however, the financials for the nine-month ended September 30, 2017, the company’s latest filing to the NSE, showed that for the period, gross premium written dropped from N3.988bn to N2.572bn; while loss before tax improved from N1.866bn in the prior nine-month to N234.881m; and loss after tax to N268.334m, which translated to loss per share of 1.8 kobo; from N2.001bn or 15 kobo.
Equity Assurance is majority owned by Sunu Participations Holding SA. 38/51%; Sunu Assurance vie Cote D’Ivoire, 23.19%; Gateway Holdings Limited, 7.25%; and KYT Investments Limited, 0.94%; all which control a total of 69.9% stake.