In a recent Nairametrics story, an error was made regarding the fine imposed on Guinea Insurance Plc by the Nigerian Exchange Limited (NGX). The headline erroneously reported that the company was fined N453.6 million for disclosure violations. We wish to clarify that this information is incorrect.
The Actual Fine and Context: Guinea Insurance Plc was actually fined N453,600 for post-listing violations, as detailed in the X-Compliance Report by the Nigerian Exchange Limited (NGX). The violation pertained to mandatory disclosure requirements set by the exchange.
Source of the Error: The discrepancy originated from a typographical error.
- The writer intended to write “N453.6k,” signifying four hundred and fifty-three thousand six hundred naira.
- Unfortunately, the writer wrote “N453.6 million, “thus misstating the amount that the company was actually fined for.
Guinea Insurance’s Response: Following this error, Guinea Insurance Plc issued a public disclaimer to clarify that the company had not been fined N453.6 million, but rather N453,600.
- The discrepancy between the reported and actual fine amounts has been acknowledged, and we deeply regret this mistake.
Unreserved Apology: Nairametrics unreservedly apologizes for this oversight.
- We hold ourselves to the highest editorial standards, particularly when it comes to financial reporting, and we regret any confusion or inconvenience this error may have caused.
- We extend our sincere apologies to Guinea Insurance Plc, its shareholders, investors, and to all our readers.
We are committed to ensuring the accuracy of our reporting and will continue to take all necessary steps to prevent such errors from occurring in the future.
Editor