The board of FBN Holding s Plc, on Thursday said it has sought and obtained approval of the Nigerian Stock Exchange (NSE) for grace to present its audited financials for the year ended December 31, 2016, before April 30, 2017, one month after the regulatory deadline as contained in the NSE’s post-listing ruling.
In a notice by Tijjani Borodo, the group’s company secretary blamed the delay on the peculiarity of the group’s operational structure, with subsidiaries operating across sectors like banking, insurance, capital market.
Worse still, the statement continued, all of the subsidiary companies have “a common financial year end of December 31, alongside the holding company.
“Each of these subsidiaries needs to audit its financial statements and obtain the approval of its respective regulator prior to submission to FBNH for consolidation.
“Thereafter, FBNH is also required to obtained the approval of its primary regulator before submission and filing with the commission.