International Energy Insurance Plc (IEI) and Mutual Benefits Assurance Plc have announced delays in filing their audited financial statements for the 2024 financial year. The companies disclosed this in separate statements submitted to the Nigerian Exchange Limited (NGX).
As part of NGX’s post-listing requirements, companies operating on a January-to-December financial calendar are expected to submit their audited financial reports by March 31 of the following year. However, both firms cited ongoing audit processes as reasons for their delays.
In its statement, IEI explained that the company’s actuaries were still working on the valuation report, which must be incorporated into the financial statement before submission. The firm noted that this would also affect the filing of its unaudited financial statement for the first quarter ending March 31, 2025.
“International Energy Insurance Plc wishes to inform the Nigerian Exchange Limited, its esteemed shareholders, and the general public that our actuaries are still working on the valuation report to be incorporated into our audited financial statement for the year ended December 31, 2024. Consequently, the company will likely not file its audited financial statements for the year ended December 31, 2024, and its unaudited financial statements for the first quarter ending March 31, 2025, within the stipulated period,” the statement read.
IEI assured stakeholders that its management, actuaries, and external auditors were working to finalize the financial statement without further delay and committed to submitting all outstanding reports by July 31, 2025.
Similarly, Mutual Benefits Assurance Plc stated that its actuaries and external auditors were still reviewing its financial records, making it impossible to meet the March 31 deadline.
The company said, “The release of the Audited Financial Statements for the year ending 31 December 2024 (2024 AFS) and, by extension, the Unaudited Financial Statements for the quarter ending 31 March 2025 (2025 UFS Q1) of the company will be delayed. Our actuaries and external auditors are still working on finalizing the audit exercise. Given the foregoing, we do not envisage that we would have completed the audit exercise and obtained the approval of the primary regulator for the 2024 AFS by 31st March 2025. We estimate that the 2024 AFS and the 2025 Q1 UFS will be released on or before June 30, 2025.”
As per Rule 1.1.4 of the NGX Rulebook on the Filing of Accounts and Treatment of Default Filing, listed companies must submit their audited financial statements within 90 days after the end of the financial year. Any delay in compliance could lead to regulatory penalties.
