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NSE to sanction Fidelity Bank, others for late filing of reports

The Nigerian Stock Exchange (NSE) has announced plans to sanction 28 companies for failing to meet post-listing requirements.

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NSE, Capital Market

The Nigerian Stock Exchange (NSE) has announced plans to sanction 28 companies for failing to meet post-listing requirements. This include defaultment in timely release of operational reports and financial statements.

The list of offenders released by the exchange include three commercial banks, a microfinance bank, three mortgage bankers, five insurance companies, one investment management firm and 15 other firms in various non-financial sectors.

According to the NSE, the companies failed to submit their interim report and accounts for the period ended June 30, 2018. Such default is marked out by the Exchange as a corporate governance failure, which attracts monetary fines, “naming and shaming” tag, suspension of shares from trading and delisting in incurable cases of default.

It further noted that twenty of the firms missed the regulatory deadline of July 30, while Fidelity Bank, which audits its half-year results, missed the August 29 deadline.

Under the listing rules, a late submission attracts a fine of N100,000 daily for the first 90 calendar days of non-compliance, another N200,000 per day for the next 90 calendar days and a fine of N400,000 per day thereafter until the date of submission.

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With these, late submission under the first instance of 90 days could attract N9 million, the additional 90 days will attract N18 million while such delay beyond the first 180 days to the next 180 days could attract as much as N72 million, bringing fines payable by a defaulting company within a year to N99 million.

The list of sanctions shows fines ranging from a low of N0.1 million to as high as N51.4 million. Companies had been fined more than N400 million and N500 million in 2016 and 2017 respectively for failure to submit accounts within scheduled periods.

The defaulting firms include:

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  • Unity Bank Plc
  • Skye Bank Plc
  • Fidelity Bank Plc
  • Fortis Microfinance Bank Plc
  • Staco Insurance Plc
  • African Alliance Insurance Plc
  • Goldlink Insurance Plc
  • UNIC Insurance Plc
  • International Energy Insurance
  • Aso Savings & Loans Plc
  • Resort Savings & Loans
  • Union Homes Savings & Loans Plc
  • Deap Capital Management & Trust Plc.
  • R.T Briscoe Plc,
  • Smart Products Nigeria Plc
  • Afromedia Plc,
  • Roads Nigeria Plc
  • Nigerian German Chemical Plc,
  • Thomas Wyatt Nigeria Plc
  • Golden Guinea Breweries Plc
  • Anino International Plc
  • Juli Plc,
  • Ekocorp Plc
  • Union Dicon Salt Plc
  • FTN Cocoa Processors Plc
  • Evans Medical Plc
  • Omatek Ventures Plc
  • Dn Tyre & Rubber Plc.

There are 15 companies currently under suspension for failure to meet scheduled submission of financial statements. Forty one monetary fines have so far been placed on companies in 2018, more than 38 monetary fines slammed on companies in 2017.

 

 

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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 [email protected]

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Coronavirus

FG approves N8.49billion to procure COVID-19 testing Kits, others

The fund is to procure 12 items in various quantities to strengthen the testing for COVID-19.

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President Muhammadu Buhari's full speech at China-Africa Extraordinary Summit on June 17, 2020

The federal government has approved N8.49 billion to procure 12 items in various quantities to strengthen the testing for COVID-19 by Nigeria Centre for Disease Control (NCDC).

The approval was given during the 11th virtual meeting of the Federal Executive Council presided over by President Muhammadu Buhari on Wednesday.

The approval was based on a memorandum presented to the council by the Minister of Health, Osagie Ehanire.

He was joined at the post-FEC press briefing by the Minister of Information and Culture, Lai Mohammed; and the Minister of Environment, Muhammad Mahmood.

He explained that the approval was made to further equip the NCDC to respond appropriately to the community transmission phase of the pandemic.

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Coronavirus

COVID-19: Russia to start mass inoculation of vaccine this month as it insists on its safety

The vaccine is said to be undergoing Phase 3 trials, which is the final stage.

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COVID-19: J&J starts vaccine trials on humans after success on monkeys

Russia has announced that it was going to start mass vaccination of the world’s first COVID-19 vaccine this month before the completion of clinical testing. This is just as it waved off concerns by the international community and some scientists about the safety of the vaccine.

These views were made known by the Russian Health Minister, Mikhail Murashko, on Wednesday, August 12, 2020, during a press briefing.

The Health Minister in his statement said, ‘’Western colleagues, who can sense the competitive advantage of the Russian drug, are trying to express some opinions that are completely unjustified in our view. This vaccine is a platform that is already well-known and studied,” he said, adding that other countries have developed antidotes under accelerated testing programs.’’

READ MORE: COVID-19: WHO warns there may never be an immediate solution to the virus

Murashko also said that the authorities plan to start inoculating medical workers and other risk groups within 2 weeks on a voluntary basis while pointing out that the vaccine will be made available to the general public from October.

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Nairametrics had reported yesterday that the Russian President, Vladimir Putin, in a televised meeting, announced that Russia has registered the first COVID-19 vaccine in what they see as a propaganda coup amid the global race for the development of a vaccine against the coronavirus disease.

This announcement has raised a lot of international concerns with the German Health Minister, Jens Spahn, saying on Wednesday, that Russia’s COVID-19 vaccine has not been sufficiently tested, adding that the aim was to have a safe product rather than just being first to start vaccinating people.

He said in a radio chat that it’s not about being first but rather about having an effective, tested and safe vaccine.

Experts have expressed their concerns over Russia’s decision to grant approval before the final trials of the vaccine have been completed.

READ MORE: WHO gives condition for approving Russia’s COVID-19 vaccine as the vaccine gets a name

He said that as much as he will be pleased to have a good vaccine for the virus, he pointed out that the Russians are not disclosing much about this vaccine.

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This vaccine which is developed by Gamaleya Institute in collaboration with the Defence Ministry and the Russian Direct Investment Fund (RDIF), is said to be undergoing Phase 3 trials, which is the final stage.

However, a World Health Organization (WHO) database still lists the vaccine as still only in Phase 1 trial, which is the earliest stage.

The RDIF said that it can produce over 500 million doses of the new vaccine in a year in 5 countries, just as it disclosed that a minimum of 20 countries are currently interested in having access to these vaccines.

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The WHO had earlier revealed that it is currently discussing with Russia and pointed out that in granting prequalification of the vaccine, a detailed review of data from clinical trials will be required.

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Economy & Politics

FG completes 11 projects to drive Digital Economy

The government has been pushing the Digital Economy in a bid to diversify economic productivity.

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FG completes 11 projects to drive Digital Economy, FG orders NIPOST to stop cash transactions , Pantami moves to ban automatic voicemail service by telcos  , Why Nigeria’s Data woes may not end soon , Pantami reacts to CBN’s ATM fee cut, keeps mute on directive to cut data cost , Pantami condemns FIRS move to collect stamp duty, MTN, Airtel, others disregarding Pantami’s voicemail, data directives on all front , FG warns State governments against RoW charge increase, FG reiterates commitment towards implementing broadband strategy ,FG reiterates commitment to 75% broadband penetration in 5 years 

The Federal Ministry of Communications and Digital Economy announced that it has completed 11 projects to drive its Digital Economy programme.

This was announced by the Minister of Communications and Digital Economy, Dr. Isa Pantami, during the phase 2 commissioning of Nigeria’s Digital Economy drive.

The Nigerian Government has been pushing the Digital Economy in a bid to create growth and diversify economic productivity in the nation, starting with the Digital Economy drive which was added to the portfolio of the Ministry of Communications.

READ MORE: Nigeria’s broadband penetration rises, yet internet remains slowest in the world

Nairametrics reported last month that the Nigerian Communications Commission (NCC) also approved the creation of a Digital Economy Department, which will be responsible for promoting the digital economic agenda of the federal government. The department will renew the commission’s strategy for delivering its programmes and policies, and give the necessary push to promote the national digital economy.

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The projects were launched with the supervision of the Ministry of Communications and Digital Economy and would be operated by the Nigerian Communications Commission (NCC), National Information Technology Development Agency, (NITDA) Nigerian Postal Services (NIPOST ) and The Universal Service Provision Fund (USPF) and would be located nationwide.

READ ALSO: NCC issues 10 new VAS licences in 2019, projects market to hit $500 million 

The 11 projects are:

  1. Emergency Communications Centre (ECC) llorin, Kwara State.
  2. Emergency Communications Centre (ECC) Calabar, Cross River State.
  3. School Knowledge Centre (SKC), Gombe State.
  4. Information Technology Innovation Centre, Kogi State.
  5. Tertiary Institution Knowledge Centre (TIKC), Delta State.
  6. New Neighborhood Post Office, Delta State.
  7. Remodelled National Mail Exchange Centre, Bayelsa State.
  8. e-Health/Data Sharing Centre, Bauchi State.
  9. Virtual Examination Centre, Borno State.
  10. Information Technology Capacity Building Centre, Jigawa State.
  11. Information Technology Capacity Building Centre, Imo State.

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