NSE Slams N429.5m Fine On 38 Companies (See Reasons)

NSE Imposes 429.5M Fine On 38 Firms

The Nigerian Stock Exchange imposed a total of N429.5m in fines on companies that failed to file their financial statements as of and when due last year.

The latest data obtained from the NSE showed that the fines were slammed on 38 companies for 52 offences at different times.

The erring companies are including, Unity Bank Plc, FTN Cocoa Processors Plc, Academy Press Plc, Union Dicon Salt Plc and Standard Alliance Insurance Plc.

Unity Bank got the highest fine of N79.7m, while FTN Cocoa Processors was slammed with a fine of N78.7m.

Unity Bank and FTN Cocoa Processors were penalised for failing to file their audited financial statements for 2017, the first quarter of 2018, half-year 2018 and the third quarter of 2018.

Academy Press was fined N35m for failure to submit its audited 2017 financial statement at the due date.

Union Dicon got the fourth highest fine of N30.8m for late submission of its first quarter and half-year 2018 financial statements.

Standard Alliance was fined N28.7m for failure to file its audited financial reports for 2017 and the first quarter of 2018.

The NSE, in its X-Compliance Report, said the sanctions were applied in accordance with the rules for filing of accounts and treatment of default filing, rulebook of the Exchange (Issuers’ rules).

It said listing on the Exchange would provide listed firms with a strongly regulated operating environment, transparent transactions, competitive prices, access to a large pool of domestic and international investors, efficient and advanced trading platform and efficient investor protection regime.

The bourse added that post-listing on the Exchange required certain obligations to be met.

One of the obligations, according to the NSE, is the filing of financial statements as and when due.