eTranzact Begs For More Time to File Financial Statements

The Management of eTranzact International Plc on Monday said the financial technology company has been unable to submit its first half of the year financial results as required by all listed companies.

In the press statement signed by Chidinma Onwubere, Company Secretary, eTranzact, the fintech attributed its inability to file financial statements within the timeframe stipulated by the Security Exchange Commission (SEC) to a series of issues that stemmed from the need to gather sufficient information necessary to make some significant estimates.

The statement reads “The Board of Directors and Management of eTranzact International Plc hereby notifies the esteemed shareholders and other stakeholders that it has been unable to submit its 2020 half year/second quarter unaudited financial statements to the Nigeria Stock Exchange (NSE) and Securities & Exchange Commission (SEC) within the required timeframe.

“The development stemmed from the need of more time for those charged with
governance to gather sufficient underlying information in making some significant estimates which are significant and material to the unaudited financial statements for the period. In light of this, we expect to obtain more comfort based on the outcome of our engagement with specialists.

“We sincerely apologize for any inconvenience caused and we are committed to
ensure the submission of the unaudited financial Statements to The Exchange on or before 30th September, 2020.”

It would be recalled that PZ Cussons had requested for an additional time to file its second-quarter financial statements, saying the COVID-19 pandemic had disrupted its operations.

It stated, “We hereby inform The Nigerian Stock Exchange (‘The NSE) and the investing public that due to circumstances occasioned by the COVID-19 lockdown which although has gradually been eased, there were and still exist unforeseen circumstances that have made it impossible for the Company to comply with the timeline to file its Audited Financial Statements for the period ended May 31, 2020 by the due date of 29 August 2020.”

Other listed organisations have also stated informing shareholders and stakeholders of their inability to meet the timeframe stipulated for listed firms to publish their financial results for the second quarter and the first half of the year.