FBN Holdings Plc., Nigeria financial holding group Wednesday announced delay in the release of its 2017 full year audited financial statements, saying it was unable to meet the March 31, 2018 deadline as required by The Nigeria Stock Exchange (NSE) rules due to the peculiar structure of the group.
In a notification to The Exchange signed by Oluseye Kosoko, its company secretary and legal adviser, FBN Holdings explained that it has subsidiary companies operating in the banking and insurance sectors as well as the capital market, all with a common financial year-end of December 31 alongside the holding company.
“Each of these subsidiaries needs to audit its financial statements and obtain the approval of its respective regulator prior to submission to FBNH for consolidation. Thereafter, FBNH is also required to obtain the approval of its primary regulator before submission and filing with The Exchange,” it said.
In 2016, the group reported a profit before tax (PBT) growth of 6.3 percent year on year to N22.9 billion, with a declared dividend of N0.15 kobo per share.