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Home Business News

NSE has imposed penalties on these financial institutions

Fikayo Owoeye by Fikayo Owoeye
May 7, 2018
in Business News, Company News
Group Managing Director of the NGX Group, Oscar Onyema.

Group Managing Director of the NGX Group, Oscar Onyema.

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Sequel to its earlier sanctions on some quoted companies, the Nigerian Stock Exchange has again announced penalties for six more financial institutions over their failure to meet the deadline for the submission of their audited report and accounts for last year.

The financial institutions include:

  • First Bank Nigeria Holdings Plc – the holding company for FirstBank of Nigeria will pay ₦2.1 million as fine for the duration of its delay.
  • Fidelity Bank Plc, which just released its results last week was fined ₦2.7million
  • Sovereign Trust Insurance Plc was fined ₦2.1 million.
  • Meyer Plc was also fined ₦2.1 million.
  • Presco will pay ₦1 million fine for failing to submit its audited report within the deadline and another ₦300,000 for failing to submit its first quarter results for 2018.
  • Sterling Bank will pay  ₦1.3 million fine for the delay of its 2017 audited financial statements.

Recall that Nairametrics had earlier reported that Nigerian Stock Exchange (NSE) had fined about 38 companies the sum of ₦433 million for their failure to adhere to the minimum listing standards as regards the timely disclosure of their audited financial report for the year ended 2017.

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According to Appendix 111 of the Listing Rules, companies are expected to submit their financial year-end result latest by 90 days after the end of each year.

Quarterly results are also expected to be submitted at most 60 days after the end of each quarter.

Also, the Central Bank of Nigeria (CBN) in its bid to promote transparency and accountability in these public companies had threatened to remove any chairman and chief executives of any commercial bank whose accounts remain unpublished for 12 months after the end of the bank’s financial year.

The apex bank, in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2018/2019 recently released warned that it would hold the board chairman and CEO of any bank directly responsible for any breach

According to the new guidelines, appropriate sanctions which include

  • Barring the chief executive or his/her nominee from participation at the Bankers’ Committee and disclosing the reason for such suspension.
  • Suspension of the foreign exchange dealership license of the bank; and its name sent to the Nigerian Stock Exchange (in the case of a public quoted company).
  • Removal of the chairman and MD from office if the accounts remain unpublished for 12 months after the end of the bank’s financial year.

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Tags: Financial reportsNigerian Stock Exchange
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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