Skye Bank flouts NSE rules on filing of accounts

Skye Bank Plc has violated the Nigerian Stock Exchange (NSE) rules concerning filing of result and accounts as it has failed to meet the deadline for2016 financial year.
This time, the financial institution that promised to file in December 2016 accounts to the Exchange by Friday last week but failed to comply.
The bank in a statement to NSE in March said, “The 2016 Audited Financial Statements which is already with the CBN for its review and regulatory approval; and the quarterly returns for 2016 would be filed on or before Friday, 12 May 2017.”
The stipulated three months given by NSE to listed companies to submit Audited Financial Statements (AFS) for the year ended December 31, 2016 expires on March 31, 2017.
The Exchange explained that companies which failed to file their AFS by the due date, have violated Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, which requires listed companies to file their AFS “with The Exchange not later than 90 calendar days after the relevant year end.”
But the above financial institution in a statement to the Bourse explained that delay on account was as a result of its awaiting for regulatory approval.
The company’s Company Secretary/General Counsel, Mr. Babatunde Osibodu, in a statement said, “Following the intervention of the Central Bank of Nigeria’s (CBN) in the Bank in July 2016, there was an over-haul of the Bank’s Corporate Governance framework which led to major resignations and new appointments into the Board; changes in specific internal structures and the need to have in place some other structures prior to the approval of the Bank’s accounts.
“This led to the conduct of an interim audit of the Bank’s half year accounts of 2016.
“As a result of these restructures and changes, the Bank is currently experiencing some delays with the completion of the audit exercise of its AFS for the year ended December 31, 2016,” he explained.
The action of CBN had dragged the company’s share price to N0.50 since 2016 and it is expected to remain flat over investors sentiment trading.