The Nigerian Stock Exchange (NSE) confirmed on Thursday, March 28, 2013 that it will grant all listed entities on the NSE an extension of time of 30 days from the due date of the required financial submissions for fiscal 2012 audited accounts and 2013 interim accounts [see here]. This is in response to the challenges being encountered by such listed entities in meeting their periodic filing obligations with the NSE.
During the period of this extension, the NSE will not apply the tag “Below Listings Standard” beside the names of entities on the X-Compliance Report which is published on its website (www.nse.com.ng). Also, the NSE will also forbear from imposing any financial or disclosure penalties on listed entities during the extension period.
The extension offers fresh assurance to businesses and advisors challenged with the adoption of International Financial Reporting Standards (IFRS) as well as increased levels of regulatory approvals, including from the Financial Reporting Council of Nigeria.