Company News
Afromedia Plc Faces Unprecedented Obstacle with Frozen Funds and Unfiled Accounts
Garnishee Order Nisi Hampers Timely Submission of Audited Financial Statements for Year Ended 31st December 2022
Afromedia Plc (the Company), a leading media and advertising firm, has encountered a significant setback in submitting its Audited Financial Statements for the year ended 31st December 2022 within the prescribed timeframe, leaving shareholders, stakeholders, and the investing public concerned.
The Nigerian Exchange Limited (NGX) was left waiting as the Company failed to file the crucial documents by the due date of 29th June 2023, much to the disappointment of those eagerly awaiting the financial update.
This delay stems from an unexpected legal development—the imposition of a Garnishee Order Nisi against Afromedia Plc.
The order has resulted in a complete freeze of all the Company’s bank accounts, leaving its funds completely inaccessible.
Afromedia Plc has promptly appealed the order, but the matter currently awaits resolution in the Court of Appeal.
Unfortunately, the Company finds itself unable to fulfill its regulatory and statutory obligations due to the unavailability of the required funds.