Fortis microfinance Bank has released a press statement to the NSE stating the reason for the delay of its 2016 financial report:
We regret to bring to the notice of the general public our inability to file the Audited Financial Statement of Fortis Microfinance Bank Plc for the year ended 31 December 2016 by the due date — 31′ March 2017, in line with the provisions of Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) which provides that “Audited annual accounts shall be filed with The Exchange not later than ninety (90) calendar days after the relevant year end, and published in at least two (2) national daily newspapers not later than twenty one (21) calendar days before the date of the Annual General Meeting, and posted on the company’s website with the web address disclosed in the newspaper publications.
An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.” This inadvertent deficiency on our part was occasioned as a result of our new status as a National Microfinance Bank with additional branches outside the F.C.T, the scope of audit this year was very extensive.
This includes both risk-based, system — based and statement of financial position approach to auditing. We have since met all the requirements and have the final draft awaiting approval from our Primary Regulator, The Central Bank of Nigeria.
Notwithstanding the aforementioned explanation for the delay, we are optimistic and anticipate that the said Annual Financial Statement will be filed within the next ninety (90) calendar days from 31 March 2017 allowed by the NSE.
This has become necessary in the light of the fact that our primary regulators, the Central Bank of Nigeria (CBN) in the exercise of its supervisory and regulatory functions must approve the Audited Annual Financial Statements before we can publish same.
In this vein, we cannot on our own elect on the date of such approval which is entirely at their discretion. However, we are highly optimistic that the said approval will be obtained within the next ninety (90) days as stated hereinbefore.
