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Staco Insurance Plc has secured the approval of the management of the Nigerian Stock Exchange (NSE) for an extension of time in filing its audited financial statement for the year ended 31st December 2018.
In a statement to the investing public and stakeholders in the capital market on Tuesday, the company said an extension of time has become imperative as it’s in the process of obtaining an approval of the its audited financial statement for the year ended 31 December 2017 from its primary regulator, the National Insurance Commission (NAICOM).
Staco said, the implementation of IFRS 9 on financial instrument and IFRS 4 (as amended) on insurance contracts occasioned a delay in finalisation of the company’s 2018 audited financial statement, thereby resulting in delay in the submission of the 2018 audited financial statement to the Exchange.
The company however assured that it would ensure the submission and publication of its 2018 audited financial statement within the extended timelines.
