Flour Mills of Nigeria Plc has been fined N14.3 million alongside seven other companies by the Nigerian Stock Exchange (NSE) for default filing.
The other companies fined are Union Bank Nigeria Plc, Conoil Plc, LASACO Assurance Plc, Universal Insurance Plc, Thomas Wyatt Nigeria Plc, Grief Nigeria Plc, and Afromedia Plc.
The aforementioned companies were said to have filed their audited and interim financial statements after the regulatory due date. Nairametrics understands that the companies were sanctioned in accordance with the NSE’s Rules for Filing of Accounts and Treatment of Default Filing.
Breakdown of the fine: The Exchange had expected companies to file their financial statements for the first and second quarters of the year (2019) but Flour Mills, LASACO Assurance Plc, Universal Insurance Plc and Thomas Wyatt Nigeria Plc defaulted.
In view of this, Flour Mills was fined N1.2 million for the late filing of its first-quarter result, which it submitted on Tuesday, July 16, 2019.
Similarly, LASACO Assurance failed to file its first-quarter result at the appropriate time and was fined N300,000.
On its part, Universal Insurance received a fine of N3.6 million for failing to file its 2018 financial statement as and when due. The company also delayed the filing of its first and second-quarter results and was fined N1.4 million. This brings the total fine to be paid by the insurance firm to N5 million.
For defaulting in the filing of its first and second-quarter results, Thomas Wyatt was fined N4.9 million by the NSE – N2.7 million being payment for the first quarter and N2.2 million for the second quarter.
The companies that were fined for defaulting in the filing of their financial statements, not relating to the year 2019 are Grief Nigeria, Union Bank, Afromedia Plc, Conoil and LASACO.
[READ MORE: NSE fines 38 firms N429.5 million over 52 offences]
The companies delayed the filing of their financial statements from 2018 and filed them this year. This earned them respective fines.
The financial statement of Greif Nigeria was expected in October 2018, but it was filed in February 2019, hence the company was fined N800,000.
For the full-year financial statement for 2018, which was expected before the end of the first quarter of 2019, Union Bank was fined N200,000 as it filed its results in April.
Afromedia also filed its results in April and was fined N400,000.
Conoil Plc and LASACO Assurance filed their financial statements in July and received fines of N400,000 and N1.1 million, respectively.
Presidency dismisses allegation of Osinbajo receiving N4 billion from recovered loots
The accusation was described to be an obvious campaign of lies and calumny.
The office of the Vice President has reacted to a series of tweets accusing Professor Yemi Osinbajo of instructing the embattled acting Chairman of the EFCC, Ibrahim Magu, to release the sum of N4 billion out of N39 billion that was recovered from alleged looters.
These allegations have been described as “false and baseless”.
A statement that was signed by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said, “with all emphasis at our disposal, let it be firmly stated that these are totally false and baseless fabrications purposing to reflect goings-on at the probe panel investigating Mr Ibrahim Magu”.
Ibrahim Magu was relieved of his duties this week, after a probe was conducted on his activities as Acting Chairman of the nation’s anti-graft agency. He has since been replaced with Mohammed Umar.
Meanwhile, the statement by the Presidency also complained about the recent rise in people being paid to “peddle blatant falsehoods” against the Vice President and says Mr Osinbajo “will not be distracted by these obvious campaigns of lies and calumny”.
The statement added that the online publications “being criminally defamatory in nature” have been referred to law enforcement agencies for investigation.
OFFICE OF THE VICE PRESIDENT
— Presidency Nigeria (@NGRPresident) July 8, 2020
Stanbic IBTC observes closed period, as directors set to consider H1 results
The directors will also consider a proposal to pay an interim dividend to shareholders.
Stanbic IBTC Holdings Plc announced earlier today that its board of directors will meet on Wednesday, July 29, as part of preparations towards the release of the company’s consolidated and separate audited financial statements for half-year 2020. The directors will also consider a proposal to pay the company’s shareholders an interim dividend.
A statement issued by the Stanbic IBTC to the Nigerian Stock Exchange (NSE) noted that the scheduled board meeting is in tandem with guidelines contained in section 1.2 of the NSE’s rules book.
In the meantime, the bank Hold-Co has already commenced observing its closed period ahead of the release of the half-year financial statements. Specifically, Stanbic IBTC began observing its closed period on June 1st, 2020, the implication being that all insiders and their relatives have been prohibited from trading the company’s shares for more than one month now.
Note that the Stanbic IBTC’s closed period will continue until the half-year financial statements are released. Part of the statement which was signed by Chidi Okezie (Company Secretary), said:
“In accordance with the provisions of Section 1.2 of the Rules of The Nigerian Stock Exchange (The NSE) relating to Board Meetings and General Meetings of Issuers, we would like to notify The NSE and our Shareholders, that a meeting of the Board of Directors of Stanbic IBTC Holdings PLC (the Company) is scheduled to hold on Wednesday 29 July 2020 at 1:00 pm. The meeting will discuss amongst other items, the Company’s Consolidated and Separate Audited Financial Statements for the Half-year ended 30 June 2020 as well as a proposed interim dividend.
“In view of the above, the closed period for the release of half-year results, which commenced on Monday, 01 June 2020 will continue to be in effect until the release of the Company’s Half-year audited financial statements.”
Recall that the last earnings report that was released by Stanbic IBTC Holdings Plc was for Q1 2020. The unaudited report showed that gross earnings stood at N61.4 billion as against N58.7 billion in Q1 2019, even though interest income for the period declined by 12% year on year to N27.5 billion. Meanwhile, profit for the period stood at N20.6 billion, an increase when compared to N19.2 billion in Q1 2019.
Stanbic IBTC Holdings’ share price closed at N30.25 at the end of today’s trading session on the Nigerian Stock Exchange. Year to date, the stock has declined by nearly -20%.
Minister of Petroleum explains reasons for subsidy removal
The Minister said it was unrealistic for the government to continue with the subsidy regime.
The Federal Government has explained the reason for the deregulation of the downstream sector of the oil industry. The government said that this was to ensure economic growth and development of the country.
This was disclosed by the Minister of State for Petroleum Resources, Timipre Sylva, in a press statement on Thursday, July 9, 2020, in Abuja.
Sylva said that it was unrealistic for the government to still continue with the subsidy regime, especially with the Premium Motor Spirit (PMS) otherwise known as petrol, as it had no economic value.
He asked Nigerians to ignore the misinformation and misguided comments that have been in the public space on the issue.
According to the Minster, ‘’It has become expedient for the Ministry of Petroleum to explain misconceptions around the issue of Petroleum Products Deregulation. After a thorough examination of the economics of subsidizing PMS for domestic consumption, the government concluded that it was unrealistic to continue with the burden of subsidizing PMS to the tune of trillions of Naira every year.’’
“More so, when the subsidy was benefiting in large part the rich rather than the poor and ordinary Nigerians. Deregulation means that the Government will no longer continue to be the main supplier of Petroleum Products, but will encourage private sector to take over the role of supplying Petroleum Products.”
He pointed out that in line with global best practices, the price of petroleum products will be determined by market forces. He, however, added that the government will continue to play its traditional role of regulation and ensure that it was not priced arbitrarily by private sector suppliers.
Sylva said that the regulatory function will be similar to that played by the Central Bank of Nigeria in the banking sector where they try to make sure that deposit money banks do not charge arbitrary interest rates on its customers.
The minister noted that the government has earlier revealed that an increase in crude oil prices would also reflect at the pump price of petroleum products.
Going further Sylva said, ‘’Indeed, one of the reasons we have been unable to attract the level of investments we desire into the refining sector has been the burden of fuel subsidy. We need to free up that investment space so that what happened in the Banking Sector, Aviation Sector and other Sectors can happen in the Midstream and Downstream Oil Sector.’’
” We can no longer avoid the inevitable and expect the impossible to continue. There was no time government promised to reduce Pump Price and keep it permanently low. Let us, therefore, ignore the antics of unscrupulous middlemen who would want status quo ante to remain at the expense of the generality of Nigerians.,” he added.
He disclosed that the deregulation policy will attract more investments into the oil sector, create more jobs and opportunities and free up trillions of naira to develop infrastructure instead of enriching a few Nigerians.
The minister noted that government who is mindful of the impact of higher PMS prices on Nigerians is working to roll out the auto gas scheme which will provide citizens with alternative sources of fuel at lower cost.