Niger Insurance explains delay in release of 2020 audited result

By Kayode Tokede

Niger Insurance Plc has notified the Nigerian Exchange (NGX) and stakeholders that the financial statements for the financial year ended December 31, 2020 has been delayed.

The Managing Director, Niger Insurance, Mr Edwin Igbiti, disclosed in a notice posted on the website of the NGX on Thursday in Lagos.

Igbiti said the audit of the company’s financial statements for the period under review was being concluded and would be finalised in few days.

He attributed the delay to some of the transformation initiatives of the new management team, to ensure that all assets and liabilities of the company were accurately recorded.

According to Igbiti, during the audit, the auditors inserted an emphasis of matter in their audit opinion due to issues relating to the technical calculation of asset cover.

“This has necessitated the submission of the accounts to the Financial Reporting Council of Nigeria (FRC) for clearance before submission to the Company’s primary regulator – the National Insurance Commission (NAICOM).

“The company is currently rounding up the disclosures required by the FRC and hopes to submit the accounts to the FRC in the coming week.

“Upon obtaining the ‘No Objection’ letter from the FRC, the company will submit the accounts to NAICOM.

“The company is optimistic of receiving NAICOM’s approval as quickly as possible, after which the accounts will be released to the public via the NGX,” he said.

He also said the company regretted any inconveniences the delay might have caused its stakeholders.