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Delay in Off-Shore Subsidiaries Financials Led to African Alliance Securities Trading Suspension


The management of African Alliance had today released a report where it explain reasons why its financials are yet to be made available to the investing public. In the released report, it stated that the delay is mainly due to the Company’s inability to receive the Financial Statements of one of its off-shore subsidiaries, according to the report, the said financials are necessary for consolidation of the Group’s Audited Financial Statements.

It further stated that, the Company’s Unaudited Financial Statements for the first quarter ended 31 March 2022 which became due on 30th April 2022 could not be filed within the regulatory timeline since submission of the Audited Financial Statements (which is still pending) is a condition precedent to filing of the Company’s Unaudited Financial Statements

The Company therefore promised to file its Audited Financial Statements for the year ended 32st December, 2021, and 2022 first quarter Unaudited Financial Statements as soon as it receives approval from its primary Regulator, the National Insurance Commission (NAICOM).

The Nigerian Exchange Ltd last week suspended nine listed equities for late submission of their respective financial statements, the company involved are; African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, Ekocorp Plc, C&I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc, Premier Paints Plc, and Ardova Plc. In accordance with the Default Filing Rules of the exchange, the suspension of trading in the shares of the listed equities will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX.


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