CBN Delays Unity Bank And First Bank Financial Statements, See Why

Economist Cautions CBN Against Discouraging Investors Amid Reforms

The Central Bank of Nigeria (CBN) has still not approved the 2022 Annual Financial Statements (AFS) of Unity Bank, and First Bank of Nigeria (FBN) Holdings and the lenders have been unable to finalize the earnings report.

While the financial regulator has since approved the financials of 10 other commercial banks, Unity Bank informed shareholders that the firm is still undergoing the requisite regulatory process for approval.

Both financial institutions are one month behind the stipulated timeframe for the publication of annual financial statements as required by the capital market authority, Nigerian Exchange Limited (NGX).

The delay could result in fines against Unity Bank and First Bank.

Ripples Nigeria previously reported that the NGX fined Ecobank, PZ Cussons and John Holt a combined N11.2 million for defaulting on the filing of their Audited and Interim financial statements in 2022.

In the statement issued on Sunday by Unity Bank, the firm said: “This is to inform NGX Regulation Limited (NGX), our esteemed shareholders, and other Stakeholders that Unity Bank Plc (the Company) is unable to release its First Quarter 2023 Unaudited Financial Statements (UFS) within the due date of 30 April 2023 as required by NGX Rules.

“This delay, as indicated in our earlier notification to NGX dated 28th April, 2023, is occasioned by the delay in filing our Company’s 2022 Audited Financial Statements, which is still undergoing requisite regulatory process for approval.

“We are working diligently and optimistic that the primary regulator’s approval of the Company’s 2022 AFS will be received soon and shall thereafter be released to NGX and the general public accordingly alongside Q1 2023 UFS.”

On Monday, First Bank wrote that the company did not publish its Unaudited Financial Statements for the first quarter ended March 31, 2023 (Q1 2023 UFS), by April 30, 2023, as required under the rules of the NGX.

“This is due to the delays in finalising the Audited Financial Statements (FY 2022 AFS) of the Group for the year ended December 31, 2022.

“FBNH plans to publish both the FY 2022 AFS and the Q1 2023 UFS on or before May 30, 2023, by which time, we hope that the necessary approval would have been obtained from our primary regulator,” First Bank told its investors.

Source: Ripples Nigeria