Cornerstone Insurance awaits NIACOM approval of 2020 FY results

By Kayode Tokede

Cornerstone Insurance Plc has said it awaits National Insurance Commission (NAICOM) to approve 2020 financial year results for year ended December 31, 2020 after the board of directors’ approval.

The Company Secretary, PAC Solicitors in a statement on the Nigerian Stock Exchange (NSE) on Wednesday assured stakeholders that its 2020 results would be released once it is approved by NAICOM.

The statement stated that, “In line with Rule 19.2(a) of the Rules Relating to Board Meetings and General Meetings of Issuers, Cornerstone Insurance wishes to inform its esteemed shareholders, stakeholders, the NSE and the general public that at the board meeting of the Company held on Tuesday, the Audited financial statements for the year ended December 31, 2020 (2020 AFS) was duly considered and approved.

“Consequently, the Board approved 2020 AFS will be forwarded to the National Insurance Commission (NAICOM) for its approval in line with regulatory requirement after which the accounts will be released to the public through The Exchange.

“In view of the above, all Directors, Persons discharging managerial responsibility, Adviser(s) of the Company, or their connected persons are reminded that as announced on 5 February 2021, the closed period on the company is still on until 24 hours after the accounts is filed with The Exchange.”

The company’s share price dropped closed by N0.59 after dropping by N0.05 or 7.81 per cent on Wednesday.