UBA Announces Delays In Publishing of HY Audited Financial Results

August 23, (THEWILL) – The board of United Bank for Africa (UBA) Plc has announced a delay in the release of its Half-Year (HY) financial results.

This was disclosed in the company’s statement to the Nigerian Exchange Limited (NGX).

According to the statement signed by the Company Secretary, Bili Odum, the bank gave no particular reason for the delay. However, it said it is optimistic the results would be available by September 15th.

“This is to inform Nigerian Exchange Limited (NGX), our esteemed shareholders, and the investing public of a slight delay in publishing the Bank’s Half-Year 2023 Audited Financial Statements (AFS).

“The Bank is however optimistic that the AFS will be submitted to NGX on or before Friday, September 15, 2023.

“All insiders of the Bank are hereby reminded that the trading window for dealing in the Bank’s shares will remain closed to them and their connected persons until 24 hours have elapsed after the release of the Audited Financial Statements.”

Several Nigerian banks had announced a similar delay in publishing their half-year results, citing auditing matters and issues relating to their off-shore subsidiaries.

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Sam Diala, THEWILL

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Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

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According to the announcement, the commission had previously issued transmission service provider (TSP) and system operations (SO) licences to TCN, in accordance with the Electric Power Sector Reform Act. However, the Electricity Act 2023, which came into effect on June 9 of that year, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO. Therefore, in the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA). 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Also, it will generally carry out market and system operations functions as specified under the Electricity Act and the terms of its licence in the interest of market participants and system users. NERC said the company is expected to carry out all market and system operation-related contractual rights and obligations handed over by TCN, THEWILL sought clarification of the new arrangement from industry experts and, more especially, employees of TCN who volunteered the necessary information but pleaded for anonymity as they do not have the authority of their employer to speak on the matter. A management staff member of the organisation in Lagos said that the arrangement is not new. He explained that four entities emerged from the carcass of the unbundled national power company, Power Holding Company of Nigeria (PHCN) which the Power Reform Act of 2003, enacted ten years after the unbundling of PHCN in 2013, substituted. These are the GenCos (power providers), Independent Service Operators (grid operators), Transmitting Company (power conveyors) and the DisCos (distribution of power to the final consumers). According to the source, the ISO has been existing and performing its function of evacuating power from the GenCos, and selling to the DisCos via the Transmitting entity. He said, successive administrations and TCN leadership were reluctant to allow the ISO operate independent of TCN because “that is where the meat is”. According to him, the ISO ‘unit’ under TCN relates with the GenCos and the DisCos buy buying power from the GenCos) and selling to he DisCos but “the DisCos are the trouble Nigeria has”. He explained to THEWILL that the DisCos do not accept the volume of power alloted to them by the GenCos on the flimsy excuses that they do not have the capacity to carry the entire volume. 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