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CBN Approval Delaying Our Results, UBA, Wema Bank , Stanbic IBTC Reveals
Yinka Olajoyetan, Lagos
The United Bank for Africa, Stanbic IBTC and Wema Bank have announced that they would not meet the deadline for the filing of their audited results for the 2023 financial year due to delays in getting approval from the Central Bank of Nigeria (CBN).
According to the Nigerian Exchange rules, listed companies are expected to file their previous year’s results by March 31.
The three banks revealed that they were still getting approval from their sector regulator, which is the CBN.
UBA, in a notice filed with the NGX, said, “This is to inform The Nigerian Exchange Limited, our shareholders, and the general public that the 2023 Financial Statements and Reports for the year ended December 31, 2023, submitted to the Central Bank of Nigeria is undergoing the required review and approval process. Consequently, the bank has yet to publish its audited financial statements on the NGX portal.”
Wema Bank also blamed its delay on the wait for regulatory approval, saying, “The bank is currently processing the approval of the accounts with one of its regulators and upon receipt of the said approval, the bank will release the audited financial statements for the 2023 FYE to the public immediately.”
Stanbic IBTC Holdings Plc toed the same line as it stated, “This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the Central Bank of Nigeria for the 2023 full year audited financial statements, following which the said financial statements will then be released to the market.”