NGX Fines 20 Firms N255.53m for Financial Statements Filing Default
NGX Regulation Limited, a subsidiary of the Nigerian Exchange Group (NGX Group) has fined N255.53 million on 20 listed companies for failing to file their financial statements after the regulatory due date in 2023 and 2024.
The companies were sanctioned during the audited financial year 2023 and first and second quarter of 2024 for their inability to meet the regulatory requirements in the period under review.
As part of the post-listing rules of the NGX, companies quoted on the Exchange are required to file their respective unaudited quarterly and audited yearly financial statements with the NGX a month after the end of each quarter and three months after the end of a financial reporting year.
Companies experiencing any form of challenge that would hinder the submission within the stipulated time frame are required by the post-listing rule to communicate the challenge with the NGX.
Compliance with the rule, according to the NGX, promotes transparency, helps orderliness in the market and ultimately helps investors in making informed decisions regarding the companies’ securities.
Companies that defaulted for audited financial statements, 2023 include; Oando, which got a total fine of N41 million.
Lasaco Assurance was fined N8.7 million, while Regency Alliance Insurance was fined N7.8 million.
Others include Guinea Insurance (N3.4 million), C& I Leasing (N3.2 million), Universal Insurance (N2.8 million), Secure Electronic Technology (N11.2 million), Conoil (N9.6 million), Caverton Offshore Group (N7.7 million), VFD Group (N5.6 million), FBN Holdings (N5.4 million), Sterling Financial Holdings Company (N6 million), UPDC (N3.9 million) ABC Transport (N3.2 million), Presco (N3.2 million), eTranzact International (N700,000), NCR Nigeria (N200,000), and African Alliance Insurance (N48.6 million).
For default filings of interim accounts for Q1 and Q2, 2024; Oando (N40.6 million), Briclinks Africa (N30,000), Caverton Offshore Support Group (N9.4 million), Universal Insurance (N3 million), C& I Leasing (N3.2 million), Secure Electronic Technology (N7.9 million), Conoil (N6.3 million), VFD Group (N2.5 million), FBN Holdings (N2.7 million), Sterling Financial Holdings Company (N2.9 million), UPDC (N800,000), and PZ Cussons Nigeria (N4 million).