01 April 2013, Lagos – THE Nigerian Stock Exchange, NSE, Thursday, said it has extended the deadline for quoted companies to submit their financial statement by 30 days in view of challenges experienced by companies in meeting the regulatory periodic filing obligation.
It also said that it will no longer impose sanctions in terms of financial penalties on any company that fails to submit its financial statement timely.
This is apparently in response to concerns raised by over 160 representatives of different quoted companies that attended the launch of NSE’ X-Issuer’s Portal on Tuesday. The operators had complained among other things that their primary regulators were responsible for the late submission of their financial statements, while demanding for waving of sanctions for defaulting companies.
In a statement signed by Dante Martins, Head, Corporate Communications, NSE, the Exchange said that the extension was coming as an intervention to ensure that listed companies present their financials accurately.
The statement added that the extension will cover results due for submission for fiscal 2012 Audited Accounts and 2013 Interim Accounts. It said: “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 General Manager, Legal and Regulation Division of The 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.”