By Chinwendu Obienyi
A growing number of banks are yet to publish their audited financial statements for the 2025 financial year, raising concerns over compliance with disclosure timelines set by the Nigerian Exchange Limited (NGX) and highlighting mounting regulatory pressures within the banking sector.
Under NGX rules, listed companies are required to file their audited full-year results by March 31, with delays typically attracting sanctions, including fines and trading restrictions.
However, several banks have missed this deadline, citing pending regulatory approvals from the Central Bank of Nigeria (CBN), a mandatory step before public release.
The lag underscores a structural tension in Nigeria’s banking regulatory framework, where institutions must navigate dual oversight, meeting NGX’s strict disclosure timelines while securing clearance from the CBN, which conducts detailed reviews of audited accounts to ensure compliance with prudential guidelines.
So far, only a few top-tier lenders, including Guaranty Trust Holding Company and Zenith Bank Plc, have released their audited 2025 results within or close to the regulatory window. Others, such as Access Holdings Plc, United Bank for Africa Plc, First HoldCo Plc and Fidelity Bank Plc, are still awaiting approval, according to disclosures and market checks.
In a recent filing, Fidelity Bank said its audited financial statements had been submitted to the CBN and would be published upon approval, noting that the delay had also affected the release of its first-quarter 2026 unaudited results. The bank added that its insider trading window would remain closed until both sets of results are made public, in line with regulatory requirements.
Market operators and analysts say the delays may reflect heightened scrutiny by regulators amid ongoing reforms in the banking sector.
The CBN has in recent months intensified oversight, particularly around capital adequacy, foreign exchange exposures, and the unwinding of regulatory forbearance introduced during previous economic shocks. These factors are likely contributing to longer review timelines for audited accounts.
The Managing Director, Crane Securities Ltd, Mike Eze, said, “The process is not unusual, but timing is critical. Banks are dealing with tighter regulatory expectations, and that can extend approval cycles, especially where there are material adjustments.”
For investors, the delayed filings introduce a degree of uncertainty, as audited results provide the most comprehensive view of banks’ financial health, including asset quality, earnings sustainability, and capital buffers. A shareholder, who spoke to Daily Sun on the condition of anonymity, said, “Prolonged delays may also weigh on market sentiment, particularly if multiple institutions remain out of compliance with NGX timelines”.
He added that such delays do not necessarily signal underlying weaknesses, but rather reflect the evolving regulatory landscape.
As banks adjust to stricter supervision and policy shifts, the balance between timely disclosure and regulatory compliance is becoming increasingly delicate. With NGX deadlines already breached and further sanctions possible, attention is now firmly on when the pending results will receive CBN clearance, and whether the current bottlenecks signal a more prolonged shift in the sector’s reporting cycle.
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