WHY SOME 2015 ANNUAL REPORTS ARE YET OUT.

Almost six full months into financial year 2016, some hitherto quick to release annual reports are yet to come out with 2015 audited figures.
In particular the list includes Stanbic IBTC bank, Oando PLC, Mutual Benefits Assurance and Royal Exchange PLC. These are companies that in recent weeks have taken the pains to explain the delay to concerned investors.
Two of these companies, Oando and Royal Exchange had in fact failed promises given earlier this year for the release of the results.
Oando failed its May 31 2016 earlier extended date and pleaded recently for shift of sights and expectations to June 30.
Pleading for understanding it says that additional enquiry and further engagement with their auditors caused delay in submission to the Financial Reporting Council of Nigeria mandated since 2011 to vet and monitor accounting and reporting standards.
It is likely that FRC insistent on the Naira as presentation currency created problems for Oando.
In the case of Stanbic IBTC, the issue was abit more complex. There is an ongoing court case and injunction against FRC obtained by the bank which the Council is not prepared to honour until there is a court order that can not be appealed.
Yet, meanwhile the SEC opted to apply its own sanctions as per its rules without any concession for IBTC' predicament.
On the other hand, Royal Exchange is still grappling with group figures consolidation while Mutual Benefits Assurance says even though its own figures have been approved by the National Insurance Commission (NAICOM) it is unable to go public with it because the same NAICOM is yet to approve the accounts of a major subsidiary.
Without giving a target date, Mutual Benefits chief Compliance officer, Jide  Ibutayo said " we are presently engaging NAICOM on this issue and we hope to sort it out within the shortest possible time ".
As for Royal Exchange, Company secretary Sheila Ezeuko said they are working towards realising earlier June15 promise but " in the event ...of being unable to do so, we are optimistic that the accounts all be submitted on or before June 30".
Mind you, submitted to vetting authorities, not public release yet.

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