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Flour Mills, 7 other quoted companies fined N14.3 million

Flour Mills of Nigeria Plc has been fined N14.3 million alongside eight other companies by the Nigerian Stock Exchange (NSE) for default filing.



Flour Mills, 7 other quoted companies fined N14.3 million, Flours Mills Nigeria Plc issues N20 billion fixed rate bond, Flour Mills moves to diversify funding sources with N29.8 billion bond listing

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.

[READ MORE: Flour Mills of Nigeria Plc floats N12 billion Commercial Paper]

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.

Flour Mills of Nigeria Plc

Group Managing Director, Flour Mills of Nigeria Plc, Paul Gbededo

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]

sound, C & I Leasing Plc, NSE launches factbook, Top 10 stockbroking firms

Nigerian Stock Exchange

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.

Jaiz bank

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.

[READ MORE: Flour Mills of Nigeria Plc laments over poor infrastructure, demands solution]

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.



Now that oil is recovering, when will naira recover?

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as showed.

India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

Bottom line

This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.



The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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