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.