• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Equities

Ardova, Presco 11 other companies get N90.69 million fine for default filings  

Chris Ugwu by Chris Ugwu
October 23, 2023
in Equities, Stock Market
NGX, Foreign Portfolio Investment
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Exchange Limited (NGX) has fined thirteen quoted companies N90.690 million for failure to file their quarterly interim financial statements after the regulatory due date.

Checks by Nairametrics showed that the companies were sanctioned during the year 2023 for their inability to meet the regulatory requirements ranging between the first and second quarters of 2023.

The companies include Thomas Wyatt Nigeria Plc, Royal Exchange Plc, Flour Mills of Nigeria Plc, Honeywell Flour Mills Plc, and Presco Plc.

RelatedStories

Custodian Investment Plc declares final dividend payment of N0.40 to shareholders

2025 AGM: Custodian Investment approves N1.1 dividend, new board members 

May 9, 2025
NSE, ASI, Equity, Airtel Africa

All-Share Index reclaims 108,000 as Nigeria’s 4th-largest stock gains over 9%; ECOBANK leads advancers 

May 6, 2025

Others include Ardova Plc, Briclinks Africa Plc, C&I Leasing Plc, Universal Insurance Plc, Unity Bank Plc, FBN Holdings Plc, Conoil Plc, Caverton Offshore Support Group Plc.

What market operators said

 Market operators agreed that the sanction for non-compliance with the rules of listing on NGX is a welcome development, as it will lead to more appropriate pricing of securities.

More quoted entities would be compelled to give information to the market on a timely basis.

The Managing Director, of Crane Securities Limited, Mr. Mike Eze, while reacting to the development on an inquiry by Nairametrics, said the action of NGX would boost investor confidence in the market because it is sending a signal for the need for investors to get companies’ financial reports as at when due.

He added that investors needed to make informed decisions before choosing which stock to buy and this can only be achieved if there is adherence to good corporate governance by the quoted companies.

According to the founder of, the Independent Shareholders Association of Nigeria (ISAN), Sir. Sunny Nwosu, going by what the exchange said, those involved deserved to be sanctioned.

Nwosu noted that the affected companies and persons supposed to have ensured that they met the requirements as such would help shareholders to understand their financial health for investment decisions.

  • “It is not a new thing and it does not come to us as a surprise. We have constantly written to the exchange and raised the issue at annual general meetings that there is a need to know the status of these companies to enable us to take investment position,” he noted.

Also, the President, of Progressive Shareholders Association, Mr. Boniface Okezie, said it was better for Nigerians to have a few companies that are ready to play by the rules than to have all the companies in the world that are not ready to satisfy post-listing requirements.

Okezie said that penalizing companies for non-compliance with the rules of listing on NGX was a welcome development, as it will lead to more appropriate pricing of securities.

He said more entities would be compelled to give information to the market on a timely basis, adding that investor confidence in the regulatory capacity of NGX and the market would be enhanced.

A founding member of Nigeria Shareholders Solidarity Association and one of the leading shareholder activists, Alhaji Gbadebo Olatokunbo said:

  • “We must always abide by the rules, sanctions would make the companies sit up and post their results as and when due, thereby providing investors, analysts, and stockbrokers the platform to predict the real value of the companies”.

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”.

Follow us for Breaking News and Market Intelligence.
Tags: ArdovaNGXPresco
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.

Related Posts

Custodian Investment Plc declares final dividend payment of N0.40 to shareholders
Dividends

2025 AGM: Custodian Investment approves N1.1 dividend, new board members 

May 9, 2025
NSE, ASI, Equity, Airtel Africa
Breaking News

All-Share Index reclaims 108,000 as Nigeria’s 4th-largest stock gains over 9%; ECOBANK leads advancers 

May 6, 2025
NGX
Equities

All-Share Index gains 0.62% as BETAGLAS and TIP shine, GTCO leads trading value 

May 6, 2025
NSE, ASI, Equity, Airtel Africa
Equities

NGX loses N25.27 billion to delisting between January to March 2025, records no new listing 

April 27, 2025
NGX
Equities

Weekly Market Wrap: All-Share Index dips 0.90% as VFD GROUP and UNION DICON SALT lead gainers for the second consecutive week

April 13, 2025
Presco reports N113.2 billion in full-year profit for 2024 as revenue doubles, recommends final dividend of N42
Company Results

Presco reports N113.2 billion in full-year profit for 2024 as revenue doubles, recommends final dividend of N42

April 8, 2025
Next Post
LeBron James,

LeBron James to earn over half a $1 billion by 2025 

Leave a Reply Cancel reply

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

Emple
first bank
Zenth Bank









DUNS

Recent News

  • Lagos Govt begins demolition of shanties, unapproved buildings in Ikeja GRA 
  • TeKnowledge expands across Africa with new brand identity and AI-First expert services to accelerate enterprise transformation 
  • Nurses to account for 66% of Africa’s projected shortfall of 6.1 million health workers by 2030 – Ihekweazu 

Follow us on social media:

Recent News

Lagos Govt begins demolition of shanties, unapproved buildings in Ikeja GRA 

Lagos Govt begins demolition of shanties, unapproved buildings in Ikeja GRA 

May 10, 2025
TeKnowledge expands across Africa with new brand identity and AI-First expert services to accelerate enterprise transformation 

TeKnowledge expands across Africa with new brand identity and AI-First expert services to accelerate enterprise transformation 

May 10, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 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
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics