Company Results
Fines: NSE makes over N154 million from banks, others
About 30 firms were fined for unauthorised publications, non-disclosure of material information, failure to file their financial statements by the due date.

Published
9 months agoon

The Nigerian Stock Exchange (NSE) boosted its revenue with N150 million from fines imposed on listed companies across the banking, manufacturing, and insurance sectors, among others, between 2018 and the first quarter of 2020. This is contained in the X-compliance report obtained by Nairametrics from the Stock Exchange.
The report disclosed that five firms were fined over N6.1 million for unauthorised publication of notice of board meetings, annual general meetings, and a notice of resignation of four directors.
About 25 other firms were asked to pay about N148 million fine for non-disclosure of material information, and failure to file their financial statements by the due date.
READ ALSO: Penalties: NSE makes over N143.6 million from banks, others in 2019
Why it matters: Every listed company is required to provide the Exchange with timely information to enable it efficiently perform its function of maintaining an orderly market.
In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of The Exchange, 2015 (Issuers’ Rules) and The Exchange’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via The Issuers’ Portal, listed companies are required to obtain prior written approval from the Exchange before publications that affect shareholders’ interests are made in the media or via the Issuers’ Portal.
Details: For unauthorised publication, Access Bank Plc, Diamond Bank Plc, Prestige Assurance Plc, and First Aluminium Nigeria Plc were fined N2.205 million, N3.087 million, N496,125 and N476,280, respectively.
For non-disclosure of material information, Access Bank Plc, Diamond Bank Plc, and First Aluminium Nigeria Plc were fined N4.410 million, N3.234 million, and N476,280, respectively. Access Bank and the defunct Diamond Bank were penalised for non-disclosure of resolutions passed at their board meetings, while First Aluminium was penalised for non-dispatch of the notice of its annual general meeting and annual reports to shareholders 21 days before the date of the meeting.
READ MORE: Mental stress, fatigue as young auditors work overtime to prepare financial results
Failure to file financial statements: Anino International, Deap Capital Management, Grief Nigeria Plc, Union Bank Nigeria Plc, Afromedia Plc, Conoil Plc, Lasaco Assurance Plc, Flour Mills of Nigeria Plc, Universal Insurance Plc, Thomas Wyatt Nigeria Plc, and others were fined. In this category, Anino International got the highest fine of N41.1 million as it failed to file its financial statements since 2015.
R.T Briscoe was fined N31.3 million for the delay in filing its 2018 audited financial statement, first and second quarter of 2019 financial statements.
Niger Insurance and Guinea Insurance were fined N19.8 million and N19.2 million, respectively, for failing to file their full-year 2018, first quarter 2019 and second quarter 2019 financial statements as at when due.
Royal Exchange, Thomas Wyatt and Lasaco Assurance were respectively fined N8.9 million, N4.9 million and N1.4 million, for failing to file their audited 2018 and first quarter 2019 financial statements, while Universal Insurance got a fine of N5 million for failing to audit 2018, first and second quarter 2019 financial statements.
READ ALSO: Dangote Sugar Refinery Plc announces board meeting and closed period
NSE slammed N800,000, N200,000, N400,000 and N400,000 fines on Grief Nigeria, Union Bank, Afromedia and Conoil for the delay in filing their 2018 financial statements.
Flour Mills of Nigeria, Access Bank and Interlinked Technologies received respective penalties of N1.2 million, N700,000 and N200,000 for failing to file financial statements for the first quarter, second quarter and second quarter of 2019 respectively.
Meanwhile, some shareholders of the companies, who spoke with our analyst in separate interviews, praised the management of the Stock Exchange for being strict on its compliance exercise, as they called for the punishment of erring companies.
Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]


Company Results
Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results
Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

Published
4 weeks agoon
February 2, 2021
Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.
- Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
- The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
- It reported a loss per share of N1.11 in 2020 compared to N0.26 loss per share reported in 2019.
- No dividend announcement was made in their press release.
- The company share price of N0.30 unchanged YTD.
See link to results here
Company Results
Conoil posts 23% post-tax profit decline in 2020 FY results
Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

Published
4 weeks agoon
February 2, 2021
Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.
- Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. –20.9% YoY
- The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.
- It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. –22.89% YoY.
- No dividend announcement was made in their press release.
- The company share price of N20.85, up +0.72% YTD.
See link to results here
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