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Ghana’s debt default delays Access Holdings financials for 30 days

A default by Ghana in honouring its sovereign debt obligations has affected the release of Access Bank Holdings audited financial statements for the year ended…

A default by Ghana in honouring its sovereign debt obligations has affected the release of Access Bank Holdings audited financial statements for the year ended December 31, 2022.

Access Holdings PLC, the parent company of Access Bank, announced the 30-day extension approval at the Nigerian Exchange Limited to publish its financials on Wednesday.

In a letter to the exchange dated March 1st, 2023 by the company secretary, Sunday Ekwochi, the company said Access Holdings which trades on the exchange floor as Access Corporation, notified the investing public and NGX of the delay which it said was caused thus: “The delay is occasioned by the need to ascertain the impact of Ghana’s sovereign debt default on the financial statements of Access Bank of Ghana.”

Due to this, the corporation said it has obtained approval from the Securities and Exchange Commission (SEC) for an extension of time till March 31, 2023 for it to file the audited financial statements.

“We hope to resolve the issue soon to enable us to submit the results to the Central Bank of Nigeria (CBN) and obtain its approval to publish the same,” it noted.

The corporation further reminded the insiders that the earlier declared closed period for transactions on its securities remains in place until 24 hours after the release of the results, which will now be April 1, 2023.

 

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