News

Standard Alliance Insurance addresses delay in financial statement filings

Standard Alliance Insurance has explained the unavoidable delay in submitting its unaudited and audited financial statements for the fiscal year ending December 31, 2024.

In a notice to the Nigerian Exchange Group, the company's Secretary/Legal Adviser, Halima Jimada, stated that the delay is due to a major restructuring process that is currently underway.

"In compliance with the provisions of Rule 2.1.1 of Nigerian Exchange Limited (NGX or The Exchange) Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), Standard Alliance Insurance Plc (" the Company ") wishes to notify The Exchange and the investing public of the delay in filing its Unaudited Financial Statements for the year ended December 31, 2024, and Audited Financial Statements for the year ended December 31, 2024," says Jimada.

Jimada explained that the ongoing significant restructuring process aims to address critical corporate issues while also strengthening the foundation for long-term growth. She also stated that as a result, the timelines for preparing and finalising the financial statements have been impacted.

"The delay in filing these Financial Statements is caused by a significant restructuring process that the Company is currently undertaking. This restructuring aims to address critical corporate issues and strengthen the foundation for long-term growth. As a result, the process has impacted the timelines for preparing and finalising the financial statements.

"We are committed to ensuring that our financial disclosures are accurate and reliable. "The extension will allow us to complete the restructuring process and prepare high-quality financial statements that reflect the Company's true financial position," Jimada added.

Despite the challenges, Standard Alliance Insurance has assured the NGX and its shareholders that it is committed to transparency and regulatory compliance.

The company intends to submit all outstanding financial statements, including the 2024 Q4 Unaudited Financial Statements, by March 31, 2025 and the 2024 Audited Financial Statements by June 30, 2025.

These statements will be available on the company's website and via the Issuers' Portal.

The Nigerian Exchange Group is an integrated stock exchange group in Africa that was established in 1961 in Lagos.

Leave A Comment