Stanbic IBTC Notifies Nigerian Bourse Of Delayed Financial Results | Independent Newspapers Limited
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Stanbic IBTC Notifies Nigerian Bourse Of Delayed Financial Results

Stanbic BTC
Posted: Mar 31, 2016 at 4:12 am   /   by   /   comments (0)

Stanbic IBTC Holdings Plc has notified its shareholders and the Nigerian Stock Exchange, NSE, it might be unable to complete its 2015 annual results before 31 March 2016 as required by the Bourse’s rules.

The bank attributed this to the reporting challenges it experienced with the Financial Reporting Council of Nigeria (FRC) in 2015, saying that it has been in discussions with its External Auditors about the details of the appropriate presentation of certain items in its financial statements, which are the subject of the ongoing legal proceedings.

A statement from the bank read: “We have therefore sought the approval of the NSE and the Securities and Exchange Commission to file our 2015 Audited Financial Statements outside of the time period specified by the rules as we continue to work towards the timely conclusion of our 2015 audit exercise. Our aim is to conclude all required regulatory requirements and file our audited financial statements with The Exchange on or before 31 May 2016.”