Goldlink Insurance PLC Further Delays Its 2015 Results

Goldlink Insurance

After two weeks of intense corporate disclosures, Goldlink Insurance PLC is not disclosing its last year’s result but announced another delay in the release of its 2015 financial results.

The news is strange giving the fact that the year 2016 is coming to an end.

In a statement signed by the company’s Chief Financial Officer, the company said “the delay behind the late submission of its 2015 Audited Financial Statements is as a result of some strategic issues that need to be resolved with its Auditors and primary regulator, the National Insurance Commission”.

Without stating specifics and issues delaying the result, Goldlink Insurance said “These issues, according to the release from the underwriting company is paramount to the approval of the said Accounts.

Whilst reaffirming the company’s efforts in complying with the Listing Rules of The Nigerian Stock Exchange and acknowledging how critical timely disclosure of financial information is to stakeholders in the capital market”

The company promised quoting its Acting Managing Director, Funke Moore who said “that Goldlink Insurance will submit its 2015 Audited Financial Statements on or before the second week in January 2017”.

It is surprising that we are talking about 2015 annual result when companies are submitting 2016 third quarter results. Strict adherence to basic tenets of corporate governance is a major problem in Nigeria, even for publicly quoted companies.

Corporate information (company website)

Goldlink Insurance Plc was incorporated on 15th April, 1992 as a Private Limited Liability Company and granted licence to operate as a full-fledged insurance company on 8th September, 1993. Goldlink was incorporated with an authorised share capital of N10 million with fully paid-up capital of N10 million. In readiness for listing on the Nigerian Stock Exchange (NSE), Goldlink converted to a Public Liability Company on 11th May, 2007 and was listed on the NSE by way of introduction on 12th February, 2008. It was incorporated with the share capital of N4.5bn.

Goldlink has its head office at 6, Emmanuel Street, Maryland, Lagos State with 16 branches across the country. It is owned by Nigerians and is licensed to underwrite both Life and General Businesses which include Fire and Special Perils, Motor Insurance, Life & Pension, Oil & Gas, Travel Insurance and many others.

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