2021 FY Disclosure: African Alliance Insurance awaits NAICOM approval

African Alliance Insurance Plc, on Thursday said it awaits National Insurance Commission (NAICOM) approval over its audited result and accounts for full year ended December 31, 2021.
The insurance company was among nine companies sanctioned by the management of the Nigerian Exchange Limited (NGX) over their inability to comply with the rules and best practices on corporate governance.
The other suspended companies included, Ardova Plc, Niger Insurance Plc, Royal Exchange Plc, Ekocorp Plc, C & I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc and Premier Paints Plc.
The NGX Regulation Limited (NGX RegCo) – the self-regulatory organisation (SRO) that regulates Nigeria’s main stock exchange, NGX, stated that the suspended companies were sanctioned for failing to submit their audited report and accounts for the 2021 business year
The company secretary, Mrs. Anthonia Udeh in a statement to the Exchange stated that the insurance company is working assiduously towards submitting its 2021 Audited financial statements for the year ended December 31st , 2021, first quarter (Q1) 2022 and second quarter (Q2) 2022 unaudited financial statements upon receipt of approval of 2021 audited financial statements from the NAICOM.
The statement said: “This delay is occasioned by the fact that the company’s audited financial Statements (AFS) for the year ended December31st, 2021, and also the 2022 Q1 Unaudited Financial Statements (UFS) for the period ended March 31st, 2022 have not been filed, a condition precedent for filing of the 2022 Q2 UFS.”
The statement added that the company regrets that it will not be able to file its unaudited financial Statements for the period ended June 30th, 2022 (2022 Q2 UFS) within the regulatory timeline of July 30, 2022.
The company regrets all inconveniences caused by the delay in releasing the financial statements.
The stock price of African Alliance Insurance has remained flat at N0.20 per share this year.