CBN holds back approval for Ecobank’s subsidiary company

The Central Bank of Nigeria (CBN) has delayed approving the component audit of a material subsidiary company of Ecobank Transnational Incorporated (ETI).

This has forced Ecobank to postpone the release of its Consolidated Audited Accounts or earnings report for the year ended December 31, 2022.

Ecobank had planned to publish the financial statements within 60 days after the year’s end, which falls in the first week of March 2023.

However, Ecobank has now revealed in a corporate document  on Tuesday but dated March 13, 2023, that it will submit the Audited Annual Financial Statements for 2022 at the end of this month.

It was gathered that the Securities and Exchange Commission (SEC) of Nigeria has approved an extension of time till March 31, 2023, for Ecobank to release the financial report.

“ETI is yet to receive regulatory approval in respect of the component audit of a material subsidiary company. Accordingly, ETI has obtained the approval of the Securities and Exchange Commission of Nigeria for an extension of time till March 31, 2023 to file the 2022 Audited Accounts.

“The details of the Audited Accounts will be published upon approval of the regulators of the relevant material subsidiary.

“Consequently, the closed period which commenced from January 1, 2023, will continue until 24 hours after the Audited Accounts for the year ended December 31, 2022 are released to the Stock Exchanges on which Ecobank Transnational Incorporated is listed,” the statement reads.