Following the over N200 million monetary fines paid by erring insurance firms to the regulatory authorities for infractions, shareholders have expressed their dissatisfaction, claiming that the Nigerian Stock Exchange(NSE), Securities and Exchange Commission(SEC) and the National Insurance Commission(NAICOM) are milking insurers dry.
This, they said, affected the financial strength of underwriting firms as some of them are not in a better position to declare dividend or bonus to shareholders, after coughing out millions of Naira as fines to the regulatory authorities.
NSE had set 31st of March as the deadline date for listed entities to submit their financial statements of the previous year, while failure to comply attracts monetary fines from NSE and SEC, until the affected firm is able to submit the account.
In the same vein, NAICOM has given insurance companies till June 30 by to submit their accounts, failure to comply will attract N5,000 each day after the deadline until the concerned firm submits the financial report to it for approval.
