NSE Sanctions Eight Banks Over Financial Statements

The Nigerian Stock Exchange (NSE) has sanctioned eight banks with fines totalling N102.7m for failing to file their financial statements at the regulatory date, Naija News understands.

The Exchange requires quoted companies to file their unaudited quarterly accounts not later than 30 calendar days after the relevant quarter.

The account should also be published within five business days after the date of filing in at least two national daily newspapers, and posted on the company’s website, with the web address disclosed in the newspaper publication.

Under its rules, late submission attracts N9m in the first 90 days, N18m in the next 90 days and N400, 000 per day until the date of submission.

The Exchange said it applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).

Information gathered reveals the eight banks sanctioned are: Unity Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Union Bank Plc, FBN Holdings Plc, Sterling Bank Plc, Wema Bank Plc, and First City Monument Bank Plc.