The Nigerian Exchange penalised at least eight banks and 18 more listed companies N125m for failing to submit their 2022 audited financial statements and quarterly reports for the first half of 2023.
The affected banks were Ecobank Transnational Incorporated, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, FBN Holdings, Access Holdings, and Fidelity Bank.
The sanctions also had an impact on Juli Plc, John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria.
Quoted businesses must report their audited results no later than 90 calendar days, or three months, following the conclusion of the period, in accordance with the post-listing regulations of the NGX. The regulations also mandate that quoted businesses produce interim reports no later than 30 calendar days following the conclusion of the applicable period.
FBN Holdings was penalized for reporting its 2022 financial results and its 2023 first quarter report late, according to the most recent X-Compliance Report published by the NGX’s regulatory arm. For the first offense, the lender paid N6.3m, and for the second, N3.3m.
Unity Bank paid N6.4m for missing the deadline for submitting its 2022 results and another N3.4m for the delay in submitting its interim reports for Q1, 2023.
According to the report, fines for Fidelity Bank, GTCO, and Wema Bank were N2.7 million, N1.4 million, and N1.9 million, respectively.
Access Holdings paid N2 million in fines, while Jaiz Bank, Ecobank, and John Holt stumped up N600,000, N3.2 million, and N3.2 million, respectively.
The NGX penalised PZ Cussons N4.8m, Notore Chemical N500,000, and GSK, which announced the closing of its operations in Nigeria, N1.3m each for failing to submit their 2022 financial statements as and when required. GSK also paid the charge, which totaled N1.3m.
Others that were penalized for failing to submit their 2022 audited financial statements include Juli Plc, which paid a punishment of N120,000, Industrial Medical and Gases Nigeria, which paid a fine of N1.2 million, and NPF Microfinance Bank, which paid a fine of N1.8 million.
The agency also fined Champion Breweries and Abbey Mortgage Bank Plc, respectively, N1.6 million and N1.4 million. The regulator also penalized Daar Communications, which paid a fine of N1.7 million.
Regency Alliance Insurance and Thomas Wyatt Nigeria each paid fines of N1.4 million and N4.9 million for the same offense.
The NGX hammer also fell on Presco Plc (N24.8m), Ardova (N18.6m), and Universal Insurance Plc (N12.4) for violating the filing rules.
Conoil was also penalized N7.9 million for failing to submit its results by the deadline, and Caverton Offshore Support Group paid N5.7 million in restitution for the same violation.
Briclinks Africa Plc, a provider of telecom services, was also fined N590,000 during this time.
The penalties, according to Highcap Securities Vice-Chairman David Adonri, were required to uphold the market’s integrity.
“Many of them have to do with corporate disclosures. Information is king on the capital market. The listed companies are required to provide specific information at the proper time. When a corporation realizes it might not be able to provide such information, it can send an extension request to the exchange.
