By Kayode Tokede
Royal Exchange Plc has disclosed that its audited financial statement for full year ended December 31, 2020 and unaudited financial statement for first quarter (Q1) 2021 to be submitted on or before September 30, 2021.
The management of Nigeria Exchange Limited (NGX) had placed trading suspension on Niger Insurance Plc, Royal Exchange Plc, African Alliance Insurance Plc, and The Tourist Company of Nigeria Plc effective from July 2, 2021.
According to the Exchange notification to market stakeholders, these four companies failed to file their Audited Financial Statements for the year ended December 31, 2020.
The Company secretary, Royal Exchange Ngozika Onu in a statement on Tuesday explained that the regulatory bodies are holding on the company’s subsidiaries accounts.
According to him, “The management of Royal Exchange Plc wishes to advise our esteemed shareholders, key stakeholders and the investing community that the company is unable to submit its audited financial statements for the year ended December 31, 2020 and the unaudited financial statements for the period ended March 31, 2021 to the NGX within the timeframe required by the NGX.
“As a holding company with five different subsidiaries, the year ended audited exercise for the group is yet to be concluded, as our insurance and finance subsidiaries are awaiting regulatory approvals from their various regulators, National Commission (NAICOM) and the Central Bank of Nigeria (CBN).
“Once all the subsidiaries have obtained approval for their respective financial statements, consolidation of the Group’s accounts for the year ended December 31, 2020 will be concluded and released to the public and the unaudited financial statements for the period ended March 31, 2020 will be prepared and approved by the Board of Directors for submission to both the NGX and the Securities and Exchange Commission (SEC).
“We are optimistic to submit the audited financial statements for the year ended December 31, 2020 and unaudited financial statements for the period ended March 31, 2021, to NGX on or before September 30, 2021.”