The Nigerian Exchange Limited has penalised 30 quoted companies over breach of its corporate governance rules on filing of financial statements.
The affected companies defaulted in filing their financial statements, ranging from quarterly to full-year, and were made to pay a cumulative fine of N230 million.
The companies are Fidelity Bank Plc, Access Bank Plc, FBN Holdings Plc, Unity Bank Plc, Ecobank Transnational Incorporated (ETI) Plc, Jaiz Bank Plc, Wema Bank, Guaranty Trust Company (GTCo) Plc, NPF Microfinance Bank, Abbey Mortgage Bank Plc, Royal Exchange Plc, Universal Insurance Plc, Regency Alliance Insurance Plc and Thomas Wyatt Nigeria Plc.
Others are Caverton Offshore Support Group Plc, Juli Plc, Flour Mills of Nigeria Plc, Honeywell Flour Mills Plc, Ardova Plc (now delisted), Conoil Plc, Presco Plc, PZ Cusson Nigeria Plc, Daar Communication Plc, Champion Breweries Plc, Notore Chemical Industries Plc, GlaxoSmithKline Nigeria Plc (GSK), Industrial Medical & Gases Nigeria Plc, C&I Leasing Plc, John Holt Plc and Briclinks Africa Plc.
Companies quoted on the NGX, according to the post-listing rules, are required to file their respective unaudited quarterly and audited yearly financial statements with the Exchange a month after the end of each quarter and three months after the end of a financial reporting year.
Those experiencing any form of challenge that could hinder the submission of their financial statements within the stipulated timeframe are also required to communicate such to the NGX.
According to the NGX, compliance promotes transparency, orderliness in the market and helps investors in making informed decisions regarding the companies’ securities.
Ten out of the companies that defaulted in the submission of quarterly results were fined to the tune of N183.5 million, representing 79.5 per cent of the total fines.
C&I Leasing Plc defaulted in the submission of its 2022 audited full year, including the unaudited 2023 financial statements for the first and second quarters. The company was fined N60.7 million.
Presco Plc was fined N24.8 million, owing to late filing of its audited 2022 financial statement and the first quarter 2023 (Q1’23) financials.
Ardova Plc’s default filing of its 2022 audited financial statement and Q1’23 statement attracted N18.6 million penalty, among others.
