UBA, Wema Bank, others risk sanctions over delay in filing 2023 results

The quartet of United Bank for Africa (UBA), Wema Bank, Zenith Bank and Stanbic IBTC are risking sanctions from the Nigerian Xchange for failing to file their audited results for 2023 within the stipulated timeframe.

According to the NGX’s post-listing rules, quoted companies are required to submit their audited results, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim reports not later than 30 calendar days after the end of the relevant period.

Consequently, the banks ought to have filed their previous year’s results by March 31, 2024.

However, the four banks have disclosed that they will delay the filing of their audited results for 2023.

Most of them revealed that they were still getting approval from their sector regulator, which is the Central Bank of Nigeria.

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UBA, in a notice filed with the NGX, said, “This is to inform The Nigerian Exchange Limited, our shareholders, and the general public that the 2023 Financial Statements and Reports for the year ended December 31, 2023, submitted to the Central Bank of Nigeria is undergoing the required review and approval process. Consequently, the bank has yet to publish its audited financial statements on the NGX portal.”

It disclosed further that it aimed to publish the results on or before April 30, 2024.

Wema Bank also blamed its delay on the wait for regulatory approval, saying, “The bank is currently processing the approval of the accounts with one of its regulators and upon receipt of the said approval, the bank will release the audited financial statements for the 2023 FYE to the public immediately.”

In the corporate notice filed with the exchange, Zenith Bank, which is in the middle of transitioning to a holding company, declared, “We have submitted our audited financial statements and accounts to the Central Bank of Nigeria for its final approval and had envisaged a delay because we recently concluded the component audit of our subsidiary companies.”

Stanbic IBTC Holdings Plc toed the same line as it stated, “This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the Central Bank of Nigeria for the 2023 full year audited financial statements, following which the said financial statements will then be released to the market.”

Last year, no fewer than 18 listed companies were sanctioned by the regulatory arm of the NGX. FBN Holdings was fined for delay in submitting its 2022 financial results and its quarter one report for 2023. The lender paid N6.3m for the former offence and paid N3.3m for the latter.

For failing to submit its 2022 results on time, Unity Bank paid N6.4m and another N3.4m for the delay in submitting its interim reports for Q1, 2023.

Fidelity Bank, GTCO and Wema Bank paid N2.7m, N1.4m, and N1.9m, respectively as fines.