By Chiamaka Ajeamo
The management of Cornerstone Insurance Plc has notified stakeholders of its inability to meet up with the time frame earmarked for the submission of its Audited Financial Statements for the year ended December 31, 2020, as well as the Unaudited Financial Statements for the period ending March 31, 2021.
This is according to information available on the website of the Nigerian Exchange Group (NGX).
The company in a statement attributed the failure to file its audited accounts by the due date of March 31, 2021 to the delay encountered in completing the actuarial valuation audit review. It also explained that due to this failure, it won’t be able to proceed with the submission of its unaudited financial statements for Q1 2021 within the regulatory date of April 30, 2021.
Sequel to this, the firm assured that its audited financial statements will be submitted to the Exchange subject to the finalisation of its audit review and approval by its primary regulator- NAICOM.
“The Company regrets its inability to file the 2020 audited accounts by the due date of 31st March 2021. This is because the Company encountered some delay in completing the actuarial valuation audit review.
“Please be assured that the 2020 Audited Accounts will be submitted to The Exchange upon finalisation by the Company and once the 2020 Audited Accounts has been submitted and approved by the Company’s primary regulator- the National Insurance Commission (NAICOM)”, the statement read.
The statement further said, “In the same vein, due to the Company’s inability to file the 2020 audited accounts, it may not be able to file its unaudited financial statements for the first quarter ended March 31, 2021 within the regulatory due date of April 30, 2021.
“We sincerely apologise for any inconveniences these delays may cause”.