Nigeria’s listed banks have started releasing their fourth-quarter earnings for the 2025 financial year, with early filers taking advantage of the Nigerian Exchange’s (NGX) 30-day interim unaudited filing window, while a larger group appears to be positioning for the 60-day audited accounts route allowed under NGX rules.
So far, mid-tier banks 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 30-calendar-day period after the December 31, 2025 year-end. These early disclosures reflect straightforward compliance with NGX’s interim reporting framework, which permits listed companies to release unaudited full-year results promptly, provided audited accounts follow within the standard timeline.
What the Early Filing Data Shows
By the end of January, the following banks had released their unaudited Q4 and full-year results within 30 calendar days of the year-end:
- FCMB Group Plc – January 29
- Wema Bank Plc – January 29
- First HoldCo Plc – January 30
- Sterling Financial Holdings Company Plc – January 30
- Jaiz Bank Plc – January 30
These filings place the banks squarely within NGX’s interim reporting timeline and signal compliance with the Exchange’s unaudited Q4 disclosure option.
However, Stanbic IBTC Holdings Plc and Ecobank Transnational Incorporated released their results slightly after the 30-day window:
- Stanbic IBTC Holdings Plc – February 3
- Ecobank Transnational Incorporated – February 6
Despite this minor delay, they are among the seven banks that have filed unaudited Q4 results so far.
Tier-1 Banks Opt for 60-Day Audited Filing Route
Several larger banks appear to be intentionally taking the 60-day audited filing route, as indicated by formal notices submitted to the Exchange, referencing board meetings and regulatory approvals. These banks are foregoing the interim disclosure option.
- Guaranty Trust Holding Company Plc had previously announced on December 8, 2025, that its board would meet on January 27, 2026, to consider audited accounts, with filing contingent on regulatory approval.
- Zenith Bank Plc indicated that it would file its audited full-year accounts after obtaining approval from the Central Bank of Nigeria (CBN).
- Access Holdings Plc disclosed that its board is scheduled to meet on February 20, 2026, to review the audited accounts.
- United Bank for Africa Plc indicated in a January 2 filing that its board would meet on February 19, 2026, with audited results to follow, subject to CBN approval.
- Fidelity Bank Plc announced a February 19 board meeting to review its audited financial statements.
The structure and timing of these notices strongly suggest a deliberate choice of the audited-only route, rather than interim disclosure.
NGX Filing Options for Fourth-Quarter Reporting
Under the NGX Rules for Filing of Accounts and Treatment of Default Filings, listed companies have two mutually exclusive options for reporting Q4 results:
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30-day option (interim route):
- Companies may file unaudited Q4 and full-year results within 30 calendar days of year-end.
- Audited financial statements must follow within the standard timeline.
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60-day option (audited-only route):
- Companies may skip unaudited Q4 filings entirely and submit audited full-year accounts within 60 calendar days of year-end.
- Filing is contingent on board approval and regulatory clearance.
- Companies opting for this route must not file any unaudited Q4 results.
Once an unaudited Q4 filing is made, the issuer is considered to have elected the 30-day route and must comply fully with its timing requirements. Filing after the 30-day window but before audited accounts are ready may result in a default filing classification, depending on NGX’s regulatory assessment.
Implications for Investors
The filing season highlights how banks are balancing speed of disclosure with regulatory compliance. Early unaudited filings provide timely transparency for investors, while the 60-day audited route ensures fully verified financials, albeit with a delayed market release. Analysts and market participants will be watching how these choices affect investor sentiment and market perception as the reporting season progresses.