Nigeria’s listed banks have begun releasing their fourth-quarter earnings, revealing a divergence in reporting strategies. While some banks are leveraging the Nigerian Exchange’s (NGX) 30-day interim unaudited filing window, a significant number appear to be targeting the 60-day audited accounts option, as permitted under NGX regulations. This split highlights differing approaches to transparency and compliance within the banking sector.

The early filers, including FCMB Group Plc, First HoldCo Plc, Sterling Financial Holdings Company Plc, Jaiz Bank Plc, and Wema Bank Plc, have published their Q4 unaudited financial results within the NGX-mandated 30 calendar days after the end of the 2025 financial year. These disclosures indicate adherence to NGX’s interim reporting guidelines, which allow issuers to release unaudited full-year results within 30 days, contingent upon the subsequent filing of audited accounts within the standard timeline.

Early Filers and Compliance

As of the end of January, FCMB Group Plc, First HoldCo Plc, Sterling Financial Holdings Company Plc, Jaiz Bank Plc, and Wema Bank Plc had all released their unaudited Q4 and full-year results within 30 calendar days of the December 31, 2025 year-end. These filings position these banks as fully compliant with NGX's interim reporting timeline, reflecting a straightforward adoption of the Exchange's unaudited Q4 disclosure option.

Late Filings and Potential Implications

In contrast to the early filers, Stanbic IBTC Holdings Plc and Ecobank Transnational Incorporated released their Q4 results after the expiration of the 30-day filing window. According to NGX timelines, these filings fall outside the permitted 30-day period for interim unaudited full-year results. This raises questions about their adherence to the Exchange's reporting requirements and potential implications for regulatory assessment.

Strategic Choice of Audited Filings

Several large banks appear to have intentionally chosen the 60-day audited filing route. This strategic decision is evidenced by formal notices to the Exchange referencing board meetings and regulatory approvals. Notably, Fidelity Bank Plc also announced a February 19 board meeting to review audited financial statements. The structure and timing of these notices strongly suggest a deliberate election of the audited-only route, foregoing interim disclosure.

NGX Filing Rules and Potential Default Classifications

Under the NGX Rules for Filing of Accounts and Treatment of Default Filings, issuers are presented with two mutually exclusive options for fourth-quarter reporting:

• Option 1: File unaudited Q4 results within 30 days of the financial year-end, followed by audited accounts within the standard timeline.

• Option 2: File only audited accounts within 60 days of the financial year-end, without any prior unaudited Q4 release.

Crucially, companies that choose the 60-day option must not file unaudited Q4 results at all. Once an unaudited Q4 filing is made, the issuer is deemed to have elected the 30-day route and is expected to comply fully with its timing requirements. Consequently, Q4 filings made after the 30-day deadline but before audited accounts are ready may expose issuers to default filing classification, contingent upon NGX’s regulatory assessment.