In line with section 23(2) of its enabling Act, the Asset Management Corporation of Nigeria’s (“AMCON”) audited accounts must be published in widely available media and submitted to all relevant authorities within 6 months after the end of the financial year. AMCON has over the past few months consulted extensively with the Financial Reporting Council of Nigeria (“FRCON”) to define ifs financial reporting guidelines, given the unique resolution nature of its operations and the Corporation’s objective of promoting transparency and ensuring proper corporate governance practices. AMCON’s financial statements have been prepared in line with the AMCON Act and been audited by the external auditor, PriceWaterhouseCoopers. Following its consultation with the FRCON, AMCON will be producing consolidated FY 2011 accounts which will include financial statements for AMCON and all subsidiary companies acquired by AMCON in the course of carrying out its statutory resolution function.
The Central Bank of Nigeria has been notified of an up to 16 weeks extension of the reporting deadline for AMCON. This window is to provide sufficient time for the auditing and reporting of the subsidiary companies. The Management of AMCON has dedicated resources to ensure that this activity is concluded within the period. Any inconvenience emanating from this extension is regretted.
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