Guinea Insurance plc will be delaying its report

guinea

The board of directors of Guinea Insurance plc is pleased to notify its shareholders and by extension the general public that Audited Financial Statements of Guinea Insurance Plc for the year ended 31st December 2016, is yet to be filed with the Nigerian Stock Exchange (NSE) even as the due date was the 31st   March, 2017.

According to the document released by the Nigerian stock exchange, the reason for the delay is because the company is yet to receive approval from the National Insurance Commission (NAICOM) to release the financial report to the public.

Read what the document says ”Kindly note that it is procedural and therefore mandatory for insurance companies in Nigeria to submit such documents to the industry’s primary regulator – National Insurance Commission (NAICOM) for verification and subsequent approval before dissemination to other stakeholders. We have therefore, submitted the company’s Audited Financial Statements for the year ended 31st December 2016, thus we are awaiting National Insurance Commission’s approval.

In the interim, we are inhibited from giving a specific date for the submission of the 2016 Audited Financial Statements of the company to Nigerian Stock Exchange as we are not in control of the approval process of National Insurance Commission.

Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas.