Honeywell Board raises concerns over Management Account in recent meeting

The Board of Directors at Honeywell Flour Mills Plc. convened on Wednesday, 16th August 2023, in Lagos to deliberate on several key matters, notably including the Company’s Audited Accounts for the fiscal year that concluded on 31st March 2023.

The agenda also encompassed discussions surrounding the Unaudited Management Accounts for the first quarter concluded on 30th June 2023.

During the course of the meeting, the Board members adopted separate resolutions, officially endorsing the year-end accounts as well as the quarter 1 accounts.

However, these approvals were granted under the provision that certain inquiries and concerns posed by the Board pertaining to these distinct accounts are satisfactorily addressed by the management.

“At the meeting, the Board meeting passed separate resolutions approving the year-end account and the quarter 1 account subject, however, to management resolving some questions raised by the Board on the separate accounts.”

The Board of Directors took a further stride by stipulating that the formal approval of the accounts would be retroactively effective from the date at which the raised issues are effectively resolved.

The finalized accounts, once scrutinized and confirmed, are set to be submitted to the Nigerian Exchange Limited (the Exchange).

It’s important to note that Honeywell Flour Mills Plc. entered a closed period, commencing on 1st April 2023.

This closed period will continue to be in effect until such time that the financial Accounts have been disclosed to the Exchange, subsequently released to the public, and duly published in compliance with regulatory standards.

Honeywell Flour Mills Plc. is a prominent player in the Nigerian food industry, known for its dedication to producing high-quality flour-based products.

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