Access Holdings postpones HY results over subsidiary audit

Bisola David
Bisola David
Access Bank launches agric business desk

Access Holdings Plc’s board of directors has indicated that the publishing of its Half-Year financial results would be delayed due to an ongoing audit of its subsidiaries.

According to a mid-July report after gaining the required regulatory clearances from CBN and Angola’s central bank, Access Holdings completed its acquisition of a majority share in Finibanco Angola.

The group mentioned that minority Finibanco Angola S.A. shareholders who expressed interest in selling their shares had executed the necessary contracts with the bank.

After the deal was completed, Access Holdings acquired an interest in Finibanco Angola S.A. that is greater than 51%.

Additionally, a deal was made for the sub-Saharan subsidiaries of Standard Chartered Bank to be acquired by Access Bank Plc, the parent company of Access Holdings.

In the acquisition agreement, Standard Chartered will transfer to Access Bank its ownership interests in its subsidiaries in Tanzania, Angola, Cameroon, the Gambia, and Sierra Leone as well as its consumer, private, and commercial banking operations there.

This information was gathered by Nairametrics and included in the company’s declaration to the Nigerian Exchange Limited.

According to a statement signed by the Company Secretary, Sunday Ekwochi, the delay in the release of the Audited Interim Financial Statements for the Half Year Ended June 30, 2023 is due to the completion of audit activities of the banking group’s newly acquired sub-subsidiaries.

The statement runs as follows:

“Access Holdings Plc (the Company) wishes to notify the investing public and the Nigerian Exchange Limited of a potential delay in the publication of the Company’s Audited Interim Financial Statements for the Half Year ended June 30, 2023 (the Results’).

“This is engendered by the complexity of the post-completion audit activities of the newly acquired sub-subsidiaries of the banking group.

“Given the foregoing, NGX has approved an extension of time to file the Results on or before September 15, 2023, subject to the Central Bank of Nigeria’s approval of the results.”

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