WorldStage– Over a third of the 23 insurers listed on the Nigeria Exchange Group missed the March 31 deadline for disclosing the 2025 audited financial reports (AFS) the Exchange mandates all listed companies.
Six of the nine defaulters this year failed to disclose on time last year, too.
The Exchange regulation demands a listed company publish its AFS latest 90 days after the financial year end.
But weeks before the deadline, some of the insurance companies notified the Exchange of the likelihood of missing the deadline; others announced some April board meetings where directors will approve the AFS before disclosure.
The insurers that failed to comply included Regency Insurance, Universal Insurance, Staco Insurance, Lasaco Assurance, Prestige Insurance, Cornerstone Insurance, Africa Alliance Insurance, Fortis Global, and Mutual Benefits Insurance.
Six of the defaulters failed in 2025, according to the X-Compliance report which the exchange published in February.
African Alliance, Lasaco, Mutual Benefits, Cornerstone, Regency, and Staco got sanctions (fines and letters) for filing their 2023 or 2024 AFS or the unaudited quarterly reports later in the following year.
Companies delay their disclosures or miss the deadline for a number of reasons, including unresolved internal control issues with their external auditors, late submission to regulators (NAICOM) for approval, and others.
Those that complied with the exchange directive this year were AIICO Insurance, Coronation Insurance, AXA Mansard Insurance, Linkage Insurance, Sunu Assurance, Sovereign Trust Insurance, Guinea Insurance and International Energy Insurance.Others and NEM Insurance, Veritas Kapital Assurance, Royal Exchange Assurance, Consolidated Hallmark Insurance, Custodian Investment, and Africa Prudential Insurance.
