Skye Bank seeks results submission deadline extension

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Skye Bank Plc has demanded for more time to file its unaudited financial statements for the periods ended March 31 and June 30, 2016.

The bank’s position was communicated to the Nigerian Stock Exchange on Tuesday in a letter signed by its management.

The lender said the letter was intended to inform the NSE, regulatory authorities, shareholders and other stakeholders of the reasons necessitating the application for an extension of time within which to file the interim financial statements for the relevant periods.

The extension of time within which to file the interim financial statements, according to the bank, was necessitated by an extension of time to file the 2015 annual financial statements. This, it said, was due to  the  delay in the annual audit as a result of the challenges  faced  with  the bank’s integration  with  Mainstreet  Bank Limited, which was approved mid-2015.

The bank added, “On July 4, 2015, 12 of the 16 directors on the board of the bank resigned their appointment, and the Central Bank of Nigeria appointed a new group Managing director/chief executive officer, chairman and five other directors on the board.

“The bank is currently auditing its H1 2016 results and is hopeful that the audit process will be completed soon. The interim results will be filed by September 30, 2016.”

Meanwhile, the trading on the floor of the Nigerian Stock Exchange ended on a negative note on Tuesday with market capitalisation dropping by N42bn.

The NSE market capitalisation dropped to N9.366tn from N9.408tn, while the All-Shares Index also plunged to 27,272.14 basis points from 27,394.98 basis points.

An aggregate of 416.785 million shares valued at N2.161bn exchanged hands in 3,443 deals.

On the top five losers’ echelons are Sterling Bank Plc, International Breweries Plc, Mobil Oil Nigeria Plc, MRS Plc and Berger Pains Plc.

On the other hand, Wapic Insurance Plc, Total Nigeria Plc, Skye Bank Plc, FBN Holdings Plc and Nigerian Breweries Plc emerged as the top five gainers.

The share price of Sterling Bank closed at N1.16 from N1.28, losing N0.12 (9.38 per cent), while that of International Breweries declined by N0.95 (five per cent) to close at N18.05 from N19.

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About Haruna Magaji 2425 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

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