The Tourist Company of Nigeria PLC (TCN) has brought to the knowledge of the NSE and the shareholders, the bottleneck surrounding its delay in filing annual report for the period ended 31 December 2019, citing section 8 (1) (n) as the external auditors without qualifying in their opinion on going concern of the company financial statement included a material uncertainty which has to be sorted and approved by Financial Reporting Council of Nigeria (FRCN) before it can be released to the public domain.
The disclosure was signed and released to The Exchange by the secretary to the company Iheanacho Dike Udensi on Monday 11th March 2019.
The details:
The Tourist Company of Nigeria Plc (TCN) – Delay in filing of Annual Report for the Period Ended 31 December 2018
Section 8 (1)(n) of the Financial Reporting Council Act No. 6, 2011, Rule 5 states that the Financial Reporting Council of Nigeria (FRCN) shall receive copies of all qualified reports together with detailed explanations for such qualifications from the auditors of the financial statements, and that the financial statements shall not be released until all accounting issues have been resolved by theFinancial Reporting Council of Nigeria (FRCN).
The External Auditors of The Tourist Company of Nigeria Plc (TCN), KPMG Professional Services (KPMG), has without qualifying its opinion, included a Material Uncertainty Related to Going Concern paragraph in its audit opinion. KPMG will send a copy of the financial statements approved by the TCN Board together with an explanatory memorandum to the FRCN, to await feedback from the FRCN. The financial statements may only be filed after approval by the FRCN.
It is expected that the Company will file its audited financial statements by 30 April 2019.
Nominees Limited Iheanacho Dike Udensi
Company Secretary