By Joy Baba-Yesufu
Cornerstone Insurance Plc has brought to the notice of its shareholders and other stakeholders, the delay in filing and publication of its Unaudited Financial Statements for the second quarter (Q2) of 2024 as required by the Nigerian Exchange Limited (NGX) and the Securities and Exchange Commission (SEC) within the regulatory timelines.
According to the insurance company, “this delay in filing these Financial Statements was occasioned by all the unforeseen delays brought about by the introduction of the IFRS 17 Accounting Standards which required a number of changes in the reporting methods and subsequently delayed the Audit process and consequently, the preparation of the Q1 Unaudited Accounts”.
“All these delays impacted the preparation of the 2024 Q2 Unaudited Accounts. The Company’s Audited Accounts and Financial Statements for the year ended December 31st 2023 have now been filed and approved by the regulators with a date for the AGM communicated to the public. The Company is also hoping to conclude its Q1 Unaudited Financial Statements before the end of July 2024; pursuant to earlier extensions sought and obtained from the NGX,” the company said.
“In the light of the above, the Company has now sought and obtained the approval of the NGX to extend the time within which to file its Q2 Unaudited Financial Statements. The Company hereby apologizes for this delay and assures all its stakeholders of its commitment to ensuring the submission and publication of these stated Financial Statements on or before August 31, 2024,” Cornerstone Insurance Plc said.
