Standard Alliance Insurance has explained the unavoidable delay in filing its Unaudited and Audited Financial Statements for the year ending December 31, 2024.
In a notice to the Nigerian Exchange Group, the company’s Secretary/Legal Adviser, Halima Jimada, stated that the delay is due to a major restructuring process the company is currently undergoing.
“In compliance with the provisions of Rule 2.1.1 of Nigerian Exchange Limited (NGX or The Exchange) Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), Standard Alliance Insurance Plc (“the Company”) wishes to notify The Exchange and the investing public of the delay in filing its Unaudited Financial Statements for the year ended December 31, 2024, and Audited Financial Statements for the year ended December 31, 2024,” Jimada said.
Explaining the ongoing significant restructuring process, Jimada noted that it is aimed at addressing critical corporate issues and reinforcing the foundation for sustainable growth. She added that, as a result, the timelines for preparing and finalizing the financial statements have been impacted.
“The delay in filing these Financial Statements is necessitated by a significant restructuring process the Company is currently undergoing. This restructuring is aimed at resolving critical corporate issues and strengthening the foundation for sustainable growth. Consequently, the process has impacted the timelines for preparing and finalizing the financial statements.
“We are committed to ensuring the accuracy and reliability of our financial disclosures. The extension will enable us to conclude the restructuring process and prepare high-quality financial statements that reflect the true financial position of the Company,” Jimada added.
Despite the challenges, Standard Alliance Insurance has reassured the NGX and its shareholders of its dedication to transparency and regulatory compliance.
The company is committed to submitting all outstanding financial statements, including the 2024 Q4 Unaudited Financial Statements by March 31, 2025, and the 2024 Audited Financial Statements by June 30, 2025.
These statements will be made available on the company’s website and through the Issuers’ Portal.
The Nigerian Exchange Group is an integrated stock exchange group in Africa, founded in 1961 in Lagos.
