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Home Business News

NSE has placed these 34 companies on red alert

Ronald AdamolekunbyRonald Adamolekun
4 years ago
in Business News, Company News
All Share Index, Zenith, Fidelity, FBN leads actively traded stock on Wednesday

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Authorities of the Nigerian Stock Exchange (NSE) has placed red alerts on some 34 quoted companies as a disciplinary measure for breaching some of its extant rules.

Information obtained by Nairametrics over the weekend revealed that the NSE came hard on the firms because of their inability to hand in their financial statements before the set deadline.

Details of the companies’ actions: According to the NSE, the 34 culpable companies “fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial statements.”

In specific terms, they did not submit their financial statements and accounts for the first quarter of 2019, which ended on the 31st March.

It is worthy of note one of the conditions subsequent to the listing of companies on the bourse demand that each company must submit its interim and quarterly reports within the 30 days following the period in question.

In addition, companies are mandated to publish their financial statements within five days of submitting them to the NSE in a minimum of one or two national dailies and post it on the NSE website with the web address stated in the newspaper publication.

Implications of the sanction: By flagging the companies in its latest tracker on compliance with post-listing requirements, the NSE has alerted the public about the lapses in the companies corporate governance. This may, in turn, erode investors’ confidence in those companies.

In other words, both current and potential investors may conclude from the development that the companies’ boards are incapable of managing their investments and so decide to recoup them as soon as they can. If this happens, it may impact the prices of the companies’ stocks rather negatively and even result in a liquidity crises.

Affected companies to pay fine: The companies involved are expected to receive financial penalties for the infringements. The NSE is expected to determine the fines any moment from now. The fines range from as little as N100,000 to N100 million depending on the gravity of the offence.

Details of the affected companies: The affected companies are as follows:

  • A.G Leventis Nigeria Plc
  • Anino International Plc
  • Aso Savings & Loans
  • Capital Oil
  • Conoil
  • Cornerstone Insurance
  • Daar Communications
  • Deap Capital Management & Trust Plc
  • DN Tyre & Rubber Plc
  • Evans Medical Plc
  • First Aluminium Nigeria Plc
  • Fortis Microfinance Bank Plc
  • FTN Cocoa Processors Plc
  • Goldlink Insurance Plc
  • Guinea Insurance Plc
  • International Breweries Plc
  • International Energy Insurance Plc
  • Juli Plc
  • Lafarge Africa Plc
  • Lasaco Assurance Plc
  • Mutual Benefits Assurance Plc
  • Niger Insurance Plc
  • NPF Microfinance Bank Plc
  • Omatek Ventures Plc
  • RT Briscoe Plc
  • Resort Savings & Loans Plc
  • Royal Exchange Plc
  • Defunct Skye Bank, now Polaris Bank
  • Smart Products Nigeria Plc
  • Staco Insurance Plc
  • Standard Alliance Insurance Plc
  • Unic Diversified Holding Plc
  • Union Homes Savings & Loans Plc
  • Universal Insurance Company Plc

Related

Tags: Nigerian Business NewsNSE X-Compliance ReportOn the MoneyRT Briscoe Nigeria PlcSmart Products Nigeria PlcStaco Insurance PlcUnic Diversified HoldingsUnion Homes Savings & Loans Plc

Comments 2

  1. Ayanda Rasheed adeola says:
    June 17, 2019 at 6:59 pm

    I was very glad for this information. Thanks very much

    Reply
    • Ronald Adamolekun says:
      June 17, 2019 at 7:50 pm

      You’re welcome Rasheed.

      Reply

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