Standard Alliance Insurance has provided an update on the delay in submitting its financial statements for the year ending December 31, 2024. Halima Jimada, the company’s Secretary/Legal Adviser, explained in a notice to the Nigerian Exchange Group (NGX) that the delay is a result of a significant restructuring process that Standard Alliance Insurance is currently undergoing.
The restructuring process is aimed at addressing critical corporate issues and setting the stage for sustainable growth. As a result of this ongoing process, the timelines for preparing and finalizing the financial statements have been impacted.
Despite the delay, Standard Alliance Insurance has reiterated its commitment to transparency and regulatory compliance. The company has set new deadlines for filing its outstanding financial statements, with the goal of submitting the 2024 Q4 Unaudited Financial Statements by March 31, 2025, and the 2024 Audited Financial Statements by June 30, 2025. Once filed, these statements will be made available on the company’s website and through the Issuers’ Portal.
The Nigerian Exchange Group (NGX) is a prominent stock exchange group in Africa, with a history dating back to 1961. After the demutualisation of the Nigerian Stock Exchange (NSE) in 2021, the NGX Group now operates through its three subsidiaries: Nigerian Exchange Limited (NGX), NGX Regulation (NGX RegCo), and NGX Real Estate (NGX RelCo).
The delay in submitting financial statements by Standard Alliance Insurance underscores the importance of transparency and adherence to regulatory requirements in the financial sector. As the company navigates through its restructuring process, stakeholders can expect updated financial information to be available within the specified timelines.
