• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Financial Services
Capital market captured only N1 trillion out of N360 trillion in the economy in 2022 -NGX

Chief Executive Officer, NGX, Mr. Temi Popoola

NGX fines Royal Exchange, five others N89.6 million for default filings between 2020-2021

African Alliance Insurance Plc led with N34.6 million of the fines...

Chris UgwubyChris Ugwu
1 year ago
in Financial Services, Stock Market
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Exchange Limited (NGX) has fined six insurance firms N89.6 million for failure to file their financial statements after the regulatory due date.

Checks by Nairametrics showed that the companies were sanctioned during the year 2021 for their inability to meet the regulatory requirements ranging between FY’2020 and the second quarter of 2021.

The companies include Royal Exchange Plc, African Alliance Insurance Plc, Universal Insurance Plc, LASACO Assurance Plc, Coronation Insurance Plc and Mutual Benefits Assurance Plc.

Further checks showed that African Alliance Insurance Plc led with N34.6 million of the fines while Royal Exchange Plc followed with a fine of N16.3 million, LASACO Plc was fined N15.1 million, Universal Insurance Plc got N9.1 million fine while Mutual Benefits Assurance Plc followed with N7.7 million and Coronation Insurance Plc with N6.8 million fine.

Breakdown of the fines

  • African Alliance Insurance Plc got fined N28.2 million for 2020 audited financials, N6.3million for Q1’2021 financials and N100,000 for Q2’2021 financials.
  • Royal Exchange got fined N9.4 million for 2020 audited financials, N6.4 million for Q1’2021 financials and N500,000 for Q2’2021 financials.
  • LASACO got a N9 million fine for 2020 audited accounts and N6.1million for Q1’2021 financials.
  • Universal Insurance Plc got fined N9.1 million for 2020 audited accounts.
  • Mutual Benefits Assurance Plc got N7.7 million for 2020 audited financials.
  • Coronation Insurance Plc got fined N6.8 million for 2020 audited accounts.

What you should know

The Exchange in its X-Compliance report explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.

The report thus stated that “Companies that are listed on the Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.

“Financial information which is periodic disclosure and on-going material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market”.


Download Nairametrics App for breaking news and market intelligence.
   
Tags: African Alliance Insurance PlcFeaturedLASACO Assurance PlcNGXNigerian Exchange LimitedRoyal Exchange PlcUniversal Insurance Plc
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Lagos announces closure of Ojuelegba Flyover Bridge for repair of truck barrier
  • Lagos State enforces total ban on street trading, hawking 
  • FG, States, LGA share N1.1trillion as FAAC in August 2023 

Follow us on social media:

Recent News

traffic diversion, National Stadium Bridge , Funsho William Avenue

Lagos announces closure of Ojuelegba Flyover Bridge for repair of truck barrier

September 29, 2023
Lagos State enforces total ban on street trading, hawking 

Lagos State enforces total ban on street trading, hawking 

September 29, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In