Financial reports: NSE grants quoted firms 60-day grace
The Nigerian Stock Exchange has granted listed companies a 60-day grace period for the submission of their audited financial statements for the year ended December 31, 2019, which are due on Monday, March 30, 2020.
This follows the outbreak of the coronavirus and as part of the measures taken at the Exchange to reduce its business and economic impact on the activities of quoted companies and the dealing members firms.
“Further to the said circular, the Exchange understands that some of the internal governance, auditing and other procedures and processes of listed companies may have been disrupted by COVID-19. During this period, there will be no sanctions for companies that are unable to file the AFS,” the NSE said.
In the same vein, the Exchange in a circular to dealing member firms on the coronavirus said it had approved a temporary suspension of the provisions of Rule 7.4: Submission of Financial and Non-Financial Reports to the Exchange, Rulebook of the Exchange, 2015 as amended, which states that: “(a) every dealing member shall submit to the Exchange its audited financial statements within 90 calendar days of the end of the fiscal year, and its quarterly returns within 30 calendar days of the end of the quarter; and any other periodic report within the period stipulated by the Exchange.”
The NSE said, “The Exchange understands that some of the internal governance, auditing and other processes including the engagement of external auditors to carry out the audit of the DMFs, may have been disrupted due to COVID-19.”