Access Bank Warns Directors, Insiders Against Trading Shares As It Suffers Setback
As a result of a delay in the reporting of financials, Access Bank has urged its management and other company members to refrain from trading in the lender’s shares.
Companies are scheduled to release their audited interim second quarter financial report on or before August 29, 2021, according to the Nigerian Exchange Group (NGX).
Access Bank, on the other hand, claimed it would be unable to fulfill the deadline for quoted firms in a message to the investing public published on the NGX on Thursday.
The late filing was attributed to the company’s strategic business combinations across jurisdictions. Between late 2020 and the first half of 2021, Access Bank conducted a number of purchases.
Grobank Limited in South Africa, African Banking Corporation in Mozambique, Transnational Bank in Kenya, and Cavmont Bank Limited in Zambia were among the companies it had bought.
The failure to reach the deadline was attributed to the integration of these purchases into Access Bank’s operations, as well as regulatory approval.
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Access Bank currently aims to release its Q2 financial report for 2021 on or before September 10, 2021, according to Ripples Nigeria. The lender stated, “In view of the foregoing, NGX has approved an extension of time to publish the Results.”
Access Bank has instructed its board of directors, workers, consultants, family, and other associated persons to keep away from its capital market shares as the company delays the release of its financials.
The directive follows NGX listing guidelines, which prohibit corporate executives from trading in the quoted firm’s stock while their company is compiling financial reports.
This is to ensure that insiders do not profit from their knowledge of a company’s confidential information by selling or buying stock in the company — this is known as a “closed period.”
“The Bank’s insiders are hereby reminded that the earlier declared closed period in respect of transaction in the Bank’s securities remains in place until 24 hours after the release of the Results.” Access Bank directed.
