Paragraph 1: Delay in Filing Audited Financial Results
Access Holdings Plc, a leading financial institution listed on the Nigerian Exchange Group (NGX), has announced a delay in submitting its audited financial results for the 2024 financial year. The delay, officially communicated by Company Secretary Sunday Ekwochi, is attributed to the ongoing review and approval process by the Central Bank of Nigeria (CBN). Regulatory requirements mandate listed companies following the January-December calendar year to file their audited reports by March 31st of the subsequent year. However, Access Holdings anticipates exceeding this deadline due to factors including the CBN’s review timeline and potential disruptions caused by public holidays.
Paragraph 2: Regulatory Review and Public Holiday Impacts
The CBN’s review of Access Holdings’ financial results is a crucial step before the company can publicly release its performance figures. This process ensures compliance with regulatory guidelines and financial reporting standards. While the company had already submitted its results to the CBN, the review timeline, coupled with the occurrence of public holidays, has created unforeseen delays. The combination of these factors has made it challenging for Access Holdings to meet the initial filing deadline and necessitates an extension.
Paragraph 3: Extended Deadline and Closed Period
In light of the anticipated delay, Access Holdings has sought and received an extension from the NGX to file its audited results. The new deadline is set for April 20, 2025, contingent upon the CBN’s approval. This extension provides the company with additional time to complete the necessary regulatory procedures and ensure the accuracy and completeness of its financial reporting. Furthermore, the company reiterated the existing closed period for insider transactions involving its securities. This closed period, which commenced earlier, will remain in effect until 24 hours after the official release of the 2024 financial results. This measure aims to prevent insider trading and maintain market integrity during the sensitive period leading up to the results announcement.
Paragraph 4: Implications of the Delay
The delay in filing the audited results might have several implications for Access Holdings and its stakeholders. Firstly, it can create uncertainty among investors who rely on timely financial information to make informed investment decisions. The delayed release can impact market sentiment and potentially influence the company’s stock price. Secondly, it could raise questions about the complexity of the review process and the efficiency of regulatory oversight. Furthermore, the delay might disrupt the company’s internal planning and budgeting processes, which are often dependent on the finalization of audited financial reports.
Paragraph 5: Transparency and Stakeholder Communication
Access Holdings’ proactive communication regarding the delay demonstrates a commitment to transparency and keeping stakeholders informed. By publicly announcing the anticipated delay and its reasons, the company aims to manage expectations and mitigate potential negative reactions. This approach fosters trust and confidence among investors and other stakeholders, who appreciate open and timely communication regarding significant developments. The detailed explanation of the circumstances surrounding the delay also reflects the company’s commitment to upholding corporate governance principles.
Paragraph 6: Regulatory Landscape and Future Filing Timelines
The delay experienced by Access Holdings highlights the intricacies of the regulatory landscape in Nigeria’s financial sector. The CBN’s thorough review process, while crucial for maintaining financial stability and investor protection, can sometimes lead to delays in reporting timelines. This underscores the need for continuous dialogue between regulators and listed companies to streamline processes and ensure efficient financial reporting. Going forward, companies might consider building in buffer periods into their reporting schedules to account for potential regulatory reviews and unforeseen circumstances. This would help in meeting deadlines more consistently and reducing the need for extensions.
