In an interesting move last week, the board of directors of FCMB Group Plc unanimously voted to replace Messrs KPMG Professional Services with Messrs Deloitte and Touche as its new auditor.
What we know: This is part of the decisions that were reached when the company’s board of directors met in Lagos on Friday, March 6th, to deliberate on a number of important company issues.
In a public disclosure that was sent to the Nigerian Stock Exchange earlier today, FCMB Group Plc informed the general public that the decision is still subject to the approval by its stakeholders. The approval is expected to be given during the company’s next Annual General Meeting.
Note that FCMB Group Plc did not disclose any further reasons why its board of directors reached a decision to stop using the services of KPMG to audit its financial report.
Messrs KPMG Professional Services, which is one of the biggest auditing and professional services firms operating in Nigeria, had been auditing FCMG Group’s financial statements since [at least] 2013 when the company became listed on the Nigerian Stock Exchange.
Other decisions taken: The statement by FCMB Group went further to disclose that the board of directors deliberated on and approved the company’s audited financial statement for the period ended December 2019.
After obtaining approval from the Central Bank of Nigeria, details of the financial statement, the dividend payout to shareholders, and other related corporate actions will be announced to the general public through a notice to the Nigerian Stock Exchange.
Meanwhile, the company also considered and approved the appointment of a new Non-Executive Director. The name of the new Non-Executive Director is yet to be disclosed because the appointment is still subject to approval.
Based on its unaudited financial statement for the 2019 financial period as seen by Nairametrics, the bank is expected to report an increase in profit after tax.
FCMB Group’s stock opened Monday’s trading session on the Nigerian Stock Exchange with a share price of N1.80. It is currently trading at N1.67 according to Bloomberg.
Source: Nairametrics
