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Nigerian lenders delay FY'16 filings

Nigerian lenders Skye Bank Plc and Diamond Bank Plc both said March 31 that they will miss a requirement to file audited financial statements for 2016 by March 31, 2017.

Diamond Bank said its filing would be delayed because of a review of the bank's accounts by the Central Bank of Nigeria, which it said is unlikely to be concluded by the release date required under Nigerian Stock Exchange and other regulatory rules. It said it is "optimistic" that it will be able to complete the filing by April 30.

Skye Bank, meanwhile, said the July 2016 intervention by the central bank at the lender had led to an overhaul of corporate governance and significant management changes, which led to an audit of the lender's half-year accounts for 2016. As a result of the changes, the bank said it is experiencing delays in the audit of its full-year 2016 statement.

It added that the 2016 audited financial statement is with the central bank for review and regulatory approval, and that it expects to be able to publish quarterly returns for 2016 by May 12.

First Bank Nigeria Holdings Plc said March 22 that it had been granted a one-month extension from the Nigerian Stock Exchange on the filing of its annual report, allowing it to publish the information on or before April 30.

It attributed the delay to "the peculiarity of [its] group structure," with companies operating in the banking and insurance sectors as well as the capital market, and to the need for each of those companies to audit its financial statements and receive relevant regulatory approval for them before the group can do the same.