Suspension on shares: Cornerstone Insurance, 3 others blame NAICOM over delayed results


Stories by Kayode Tokede

Amid suspension of trading on shares by The Nigerian Stock Exchange (NSE), Cornerstone Insurance Plc, STACO Insurance Plc, Standard Alliance Insurance Plc and Universal Insurance Company Plc have blamed National Insurance Commission (NAICOM) prolonging the releasing of 2017 results to investing public.

The four insurance companies in a separate letter to the NSE stated that 2017 audited results were submitted to NAICOM and currently undergoing review by the primary regulator.

The management of the Exchange had suspended trading on seven insurance companies over nondisclosure of audited result and accounts.

The other companies suspended by NSE include African Alliance Insurance Plc, Royal Insurance and Veritas Kapital Assurance Plc.

Speaking with Nigerian NewsDirect, the former Director-General, Nigerian Insurers Association, Mr. Sunday Thomas said, “the filing of insurance companies results by our own law is by June ending. For those that are quoted on NSE, it is March ending.

“Some insurance companies often submit their results two days to the deadline which is June.

“When these insurance companies do not submit early, there is no way approval can be granted by the commission. Infact, some of them submitted after the deadline of NSE. If we have such conditions, there is nothing the commission can do.”

The Company Secretary’s, Standard Alliance Insurance in a signed statement said 2017 audited results was submitted to NAICOM on April 26, 2018 and awaits approval.

According to the statement, “It is pertinent to state that the 2017 Audited Account of the Company was submitted to our primary Regulator – the NAICOM on 26 April, 2018, and we await the Regulator’s approval.

“Upon the Company obtaining NAICOM’s approval for the Financial Statements, same will be submitted to the NSE. We sincerely apologize for any inconvenience and are optimistic to submit the Accounts to The Exchange on or before August 31, 2018.”

The management of Cornerstone Insurance in a statement said the company’s audited financial statements are currently undergoing review by the NAICOM, stating that it will be filed immediately the company obtains approval.

The company’s secretary, PAC Solicitors, in a statement said, “Cornerstone Insurance wishes to bring to the notice of its shareholders and the investing public the continued delay in filing and publication of its audited financial statements for the year ended December 31, 2017 as required by the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC).

“The company’s audited financial statements are currently undergoing review by the NAICOM and will be filed immediately the company obtains the approval of NAICOM.”

“Cornerstone Insurance apologizes for this delay and assures its shareholders and all stakeholders of its committeemen to immediately publish its accounts upon receipts of approval from NAICOM.”

The company’s secretary, Universal Insurance, Chinedu Onyilimba in a statement said, the company’s had since completed the auditing of the accounts and submitted same with NAICOM for approval.

The company explained that the 2017 results would be filed with The Exchange upon receipt of approval from NAICOM.

On its part, the management of Staco Insurance hinted that its 2017 audited results would be submitted on or before July 31, 2018.

The company’s secretary, Iegede Taiwo in a statement said, “The 2017 audited accounts had been submitted to our primary regulator, the NAICOM, and is being reviewed for approval.

“We apologize for any inconvenience caused by the delay in the filing, and are optimistic that the audited accounts will be submitted on or before July 31,2018.”


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