August 9, 2016/NSE

This is to inform the Nigerian Stock Exchange, our regulatory authorities, esteemed shareholders and other stakeholders of the reasons necessitating the application for an extension of time within which to file the interim Financial Statements for the periods ended March 31, and June 30, 2016.

The extension of time within which to file the interim Financial Statements is necessitated for the following reasons:

• You will recall that the Bank sought an extension of time to file the 2015 Annual Financial Statements as a result of the delay in the annual audit due to the challenges faced with the integration with Mainstreet Bank Limited which was approved mid-2015.
• On July 4, 2015, twelve of the sixteen Directors on the Board of the Bank resigned their appointment, and the CBN appointed a new GMD/CEO, Chairman and five other Directors on the Board.
• The Bank is currently auditing its 1H16 results and is hopeful that the audit process would be completed soon. The Interim Results will be filed by September 30, 2016.