NSE Gives 30 Days Extension For Submission Of Financial Report

In view of challenges experienced by companies in meeting the regulatory periodic filing obligation; Nigerian Stock Exchange (NSE) has given a thirty days extension to quoted companies to submit their financial statement starting Thursday, 28^th March.

According to a a statement signed by Dante Martins, Head, Corporate Communications, NSE, the extension was coming as an intervention to ensure that listed companies present their financials accurately.

It said the extension will cover results due for submission for fiscal 2012 Audited Accounts and 2013 Interim Accounts.

“The Nigerian Stock Exchange (NSE) has confirmed on Thursday March 28, 2013, that it will exercise discretion by granting all listed entities an extended filing date from the due date of the required financial periodic submissions.

“The new announcement offers a fresh assurance to businesses and advisors affected by the early adoption of International Financial Reporting Standards (IFRS) and levels of regulatory approvals which now includes Financial Reporting Council (FRC),” the statement reads.

The General Manager, Legal and Regulation Division of NSE, Ms. Tinu Awe, stated that the Exchange is in consultation with FRC and other Primary Regulators.

“While we believe that the timely disclosure of financial information is critical to stakeholders in the capital market as well as investors, the challenges which the entities are facing are germane. It is in view of the extenuating circumstances that the exchange is granting all listed companies an extended filing date of 30 days from the due date of the required periodic financial submissions,” she said.