Royal Exchange will be delaying its first quarter report

Royal Exchange will be delaying its first quarter report

The Management of Royal Exchange Plc has informed key stakeholders and the investing community that from information available , the company will not be able to issue its 2017 1ST Quarter unaudited financial statements for the period ended March 31, 2017, within the time frame required by The Nigerian Stock Exchange (NSE) Rules regarding the release and publication of quarterly unaudited financial statements. 

As a Holding Company, the Group’s audited financial statements for the period ended December 31st, 2016 is yet to be approved due to issues raised by the National Insurance Commission on the year end accounts of the two insurance subsidiaries, Royal Exchange General Insurance Co. Limited and Royal Exchange Prudential Life Plc. 

Our external auditors are working to resolve the issues and this will however, inadvertently affect the submission of the first quarter results for the period ended March 31, 2017. 

We are optimistic that all outstanding issues will be resolved and the first quarter results submitted on or before May 31st, 2017.