Suspension: Mutual Benefits Assurance Gives Reasons for Infraction
Mutual Benefits Assurance Plc has given reason for delay in publication of its audited and unaudited financial statement on the Nigerian Exchange (NGX) in contravention to the listing rules.
The regulator announced suspension of eight companies from trading shares in the local bourse for failing to submit their financial scorecard as required by the Exchange.
Reacting to the suspension, the Assurance Company told the Nigerian Exchange Limited, shareholders, investing public and key stakeholders that the release of the 2023 AFS and by extension the Q1 and Q2, 2024 reports were delayed because of 2023 is the first year of adoption of IFRS 17 by the insurance industry.
The adoption of the standard comes with challenges for the preparers of the financial statements and assurance providers – auditors, actuaries, the company said.
In addition to grappling with the adoption of IFRS 17, the company also changed its auditors following the end of the tenor of the erstwhile auditors, the statement reads.
Mutual Benefits Assurance said aside from the above issues, the company during the third quarter of 2023 migrated to a new core insurance solution.
“As with all new systems, a considerable amount of time and resources have been devoted to perfecting the use of the new software””.
These issues led to the delays in finalising the audit of the 2023 financial statements and its subsequent release to the public, the company said.
“We are optimistic that the audited financial statements will be available for regulatory approval by the end of the month and released to the public after obtaining regulatory approval”, Mutual Benefits Assurance PLC told the Exchange. England Showed Character, But Hungry for More, says Southgate
