IEI, Mutual Benefits annual reports face delay

Insurance firms International Energy Insurance and Mutual Benefits have announced delays in the filing of their audited financial reports for 2024.

This was indicated in corporate disclosures filed with the Nigerian Exchange Limited.

Per post-listing requirements, firms on the January-December calendar that are listed on the NGX have to file their audited financial report by March 31 of the following year at the latest.

In a notice to the investing public, IEI stated that it was still working on the valuation report; hence the delay.

“International Energy Insurance Plc wishes to inform the Nigerian Exchange Limited, its esteemed shareholders and the general public that our actuaries are still working on the valuation report to be incorporated into our audited financial statement for the year ended December 31, 2024. Consequently, the company will likely not file its audited financial statements for the year ended December 31, 2024, and its unaudited financial statements for the first quarter ending March 31, 2025, within the stipulated period.

“Management, actuaries and the external auditors are seriously working on the financial statement to ensure the same is concluded without any further delay to enable management to comply with all extant rules. The company shall file all outstanding reports on or before July 31, 2025,” the disclosure partly read.

Mutual Benefits Assurance Plc revealed that its actuaries and external auditors were still at work on the annual report; hence the delay.

It stated, “The release of the Audited Financial Statements for the year ending 31 December 2024 (2024 AFS) and, by extension, the Unaudited Financial Statements for the quarter ending 31 March 2025 (2025 UFS Q1) of the company will be delayed. Our actuaries and external auditors are still working on finalising the audit exercise. Given the foregoing, we do not envisage that we would have completed the audit exercise and obtained the approval of the primary regulator for the 2024 AFS by 31st March 2025. We estimate that the 2024 AFS and the 2025 Q1 UFS will be released on or before June 30, 2025.”

Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Nigerian Exchange Limited (the Exchange) (Issuers’ Rules) provides that “Audited annual accounts shall be filed with the Exchange not later than ninety calendar days after the relevant year-end.