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    FBNH harps on importance of financial statement to drive investments

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    Naija247newshttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Itohan Abara-Laserian
    Lagos, June 17, 2021 FBN Holdings (FBNH) Plc on Thursday harped on the importance of financial statements reporting to drive investments in the country.

    The Chief Finanicial Officer of FBNH, Oyewale Ariyibi, said this at the Capital Market Correspondents Association of Nigeria (CAMCAN) June knowledge sharing session on Thursday in Lagos.

    Naija247news reports that the virtual forum was part of the association’s drive to equip capital market correspondents with the right knowledge to enhance their reporting.

    Ariyibi said that understanding of financial statement reporting would help investors to make proper investment decision.

    He also urged investors in the nation’s capital market to always seek financial advice for investment decision to maximise returns.

    Ariyibi said financial advisers would guide investors on fundamental stocks to invest in to maximise returns.

    “As an investor, investing in financial market is not gamble or betting, you need financial adviser for investment decision.

    “You should invest money you don’t have need for immediate use, invest for medium and long-term, also invest in stocks that have good fundamentals for capital gains,” Ariyibi said.

    Speaking on the theme: “Understanding Financial Statement for Business Reporting,” he stressed the importance of financial statement for investors, regulators and financial advisers, among others.

    “A financial statement represents a formal record of the financial activities of an entity; it reflects the financial effects of business transactions and events on an entity.

    “It is prepared by following certain logical and consistent accounting principles; and it is usually audited to ensure accuracy for tax, financing, or investing purposes.”

    “For management, it is used for planning, controlling and decision-making process, to evaluate the organisational performance and position, so that the necessary measures are taken for improvement.

    “For shareholders and investors, financial statement can be used to analyse the viability and profitability of their investments and to assess the ability of the business/organisation to pay dividends and determine any future course of action.”

    He also highlighted the financial analysis tools as: cross sectional analysis; common-size statement; time-series analysis and ratio analysis, among other ratios.

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