NSE extends deadline for filing of Audited Financial Statement

The Nigerian Stock Exchange has extended deadline for the submission of Audited Financial Statement for the year ended 31 December, 2019.

The Exchange in a statement on its official website, stated thus:

”We refer to The Nigerian Stock Exchange’s Circular of 19 March 2020, with reference number NSE/RD/LRD/CIR4/20/03/19 wherein Listed Companies were advised on measures to put in place for the conduct of their Annual General Meetings (AGM) due to the Coronavirus (COVID-19) outbreak.”

”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.”

”Therefore, The Exchange is granting listed companies a sixty (60) day grace period for the submission of their Audited Financial Statements for the year ended 31 December 2019 (AFS), which are due to The Exchange on Monday, 30 March 2020. During this period, there will be no sanctions for companies that are unable to file the AFS.”

The Exchange also granted this extension to dealing members. In another circular to dealing members, The Exchnage  statated thus:

‘’Following the outbreak of the Coronavirus Disease (COVID-19) and as part of the measures taken at The Exchange to respond and reduce the business and economic impacts on the activities of DMFs, The Exchange has approved a temporary suspension of the provisions of Rule 7.4: Submission of Financial and Non-Financial Reports to The Exchange, Rule book of The Exchange, 2015 (Dealing Members’ Rules) as amended, which states that: “(a) Every Dealing Member shall submit to The Exchange its audited financial statements, within ninety (90) calendar days of the end of the fiscal year, and its quarterly returns within thirty (30) calendar days of the end of the quarter; and any other periodic report within the period stipulated by The Exchange”.

‘’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 DMFs, may have been disrupted due to COVID-19. Therefore, The Exchange is granting all DMFs an additional sixty (60) day grace period for the submission of their Audited Financial Statement for the year ended 31 December 2019, which is due for submission to The Exchange on Monday, 30 March 2020.’’

‘’ In order to reduce the challenges caused by the pandemic disease, the deadline for the submission of the Audited Financial Statement for all DMFs has now been extended to Friday, 29 May 2020.’’

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