Four major Nigerian banks, including United Bank for Africa, Zenith Bank, Stanbic IBTC, and Wema Bank, have announced that they will be delaying the filing of their audited results for the 2023 financial year. This news comes as a surprise to investors and shareholders, as listed companies are typically expected to file their previous year’s results by March 31st according to Nigerian Exchange rules.
The delay in filing has been attributed to the banks still awaiting approval from their sector regulator, the Central Bank of Nigeria. In a corporate notice filed with the Nigerian Exchange, UBA stated that their 2023 Financial Statements and Reports are currently undergoing the required review and approval process with the CBN. They aim to publish the results on or before April 30, 2024.
Similarly, Wema Bank cited the wait for regulatory approval as the reason for their delay in releasing their audited financial statements for the 2023 financial year. Zenith Bank, in the midst of transitioning to a holding company, also mentioned that they are awaiting final approval from the CBN after completing the component audit of their subsidiary companies.
Stanbic IBTC Holdings Plc echoed the sentiments of the other banks, stating that they are currently seeking approval from the Central Bank of Nigeria for their 2023 full-year audited financial statements before releasing them to the market.
Investors have been eagerly anticipating these results, especially in light of the recent minimum capital requirement announced by the CBN. The delay in filing has created uncertainty in the market as stakeholders eagerly await the financial performance of these top banks.
