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Business News of Wednesday, 25 March 2020

Source: MyNigeria

NSE grants dealing firms extra 60 days to submit 2019 financials

The floor of the Nigerian Stock Exchange The floor of the Nigerian Stock Exchange

The Nigerian Stock Exchange has granted dealing member firms 60 extra days to submit their Audited Financial Statement for the year ended 31 December 2019.

In a notice by the regulator to the dealing members, it acknowledged the impact of the COVID-19 virus on their businesses as well as the stock exchange, and as a result approved a temporary suspension of the provisions of Rule 7.4: Submission of Financial and Non-Financial Reports to The Exchange, Rulebook of The Exchange, 2015.

In light of the challenges that may arise due to growing pandemic, dealing members were urged to submit their financial results on Friday, May 29th 2020.

"The Exchange understands that some of the internal governance, auditing and other processes including the engagement of external auditors to carry out the audit of DMFs, may have been disrupted due to COVID-19. Therefore, The Exchange is granting all DMFs an additional sixty (60) day grace period for the submission of their Audited Financial Statement for the year ended 31 December 2019, which is due for submission to The Exchange on Monday, 30 March 2020.

"In order to reduce the challenges caused by the pandemic disease, the deadline for the submission of the Audited Financial Statement for all DMFs has now been extended to Friday, 29 May 2020," the statement read in part.