No fewer than 38 firms will pay a fine totalling N429.5 million. The fine was imposed by the Nigerian Stock Exchange (NSE) over the firms’ failure to file their financial statements as of when due last year.
According to a recent report from the bourse, the fine was slammed on the firms for 52 offences at different times.
The NSE, in its X-Compliance Report, said the sanctions were applied in accordance with the exchange’s rules for the filing of accounts and treatment of default filing.
Amongst the erring firms are Unity Bank Plc, FTN Cocoa Processors Plc, Academy Press Plc, Union Dicon Salt Plc and Standard Alliance Insurance Plc.
Unity Bank got the highest fine of N79.7 million, while FTN Cocoa Processors was slammed with a fine of N78.7 million. Unity Bank and FTN Cocoa Processors were penalised for failing to file their audited financial statements for 2017, the first quarter of 2018, half-year 2018 and the third quarter of 2018.
Academy Press was fined N35 million for failure to submit its audited 2017 financial statement at the due date.
Union Dicon got the fourth highest fine of N30.8 million for late submission of its first quarter and half-year 2018 financial statements.
Standard Alliance was fined N28.7 million for failure to file its audited financial reports for 2017 and the first quarter of 2018.
Recall that the NSE had threatened to sanction 28 companies for failing to meet post-listing requirements. This included defaults in the timely release of operational reports and financial statements.
The defaulting firms include 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, and Dn Tyre & Rubber Plc.