African Alliance Insurance announces inability to submit financial statements

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African Alliance Insurance Plc has notified stakeholders and the general public of its inability to file its unaudited financial statements for the period ended 30th of June, 2021.

In a statement signed by the company’s secretary, Anthonia Udeh, the management of African Alliance Insurance Plc announced that it will not be able to file the financial statements of the company on  the regulatory due date of 30th of July, 2021.

According to the notice, the delay is occasioned by the fact that the company is yet to file its Audited Financial Statement (AFS) for the period ended 31st of December, 2020, which is a prerequisite for filing the unaudited financial statements for the second quarter.

However, the company noted that it is has submitted and currently awaiting the response of its primary regulator- The National Insurance Commission (NAICOM) on its 2020 AFS.

In line with the recent development, the company further announced that it has sought and obtained approval from the Nigerian Exchange Limited (NGX) to extend the timeframe for the submission of its 2021 Q2 unaudited financial statement to 29th of September, 2021.

In conclusion, the firm reiterated its commitments to ensuring that the unaudited financial statement of the company is filed with the period extended by the Exchange.

Recall that African Alliance Insurance Plc and 3 other companies were suspended by the Nigerian Exchange Limited (NGX) on the 2nd of June, 2021. The suspension was due to the failure of the concerned companies to present their Audited Financial Statements (AFS) for the year ended December 2020 or the Unaudited Financial Statement for the period of March 2021 or both.