The Nigerian Stock Exchange (NSE) collected about N372million as penalty from listed companies said to have failed in filing their audited or interim accounts when due.
No fewer than 30 listed companies were identified by the Bourse to have filed their audited and interim financial statements after the regulatory due date which made the Exchange to apply sanctions on them in accordance with the provisions of Section 14 of Appendix iii of the Listing Rules.
The NSE X-Compliance Report shows greater part of the total penalty was paid by Ekocorp Plc (N75.6million), Thomas Wyatt Plc (N46.8million), and African Alliance Plc (N46.1million).
X-Compliance report is a transparency initiative of the Exchange which is designed to maintain market integrity and protect investors by providing compliance related information on all listed companies.
The Nigerian Stock Exchange listed other companies that were penalised for same purpose to include A.G. Leventis Nigeria Plc, Afromedia Plc, Austin Laz & Company Plc, Capital Hotel Plc, Capital Oil Plc, Conoil Plc, CWG Plc, Daar Communications Plc, Daar Communications Plc, Dangote Flour Mills Plc, and Diamond Bank Plc, and Equity Assurance Plc.
Companies that are listed on the Exchange are required to adhere to high disclosure standards which are prescribed in Appendix III of the Listing Rules.
Financial information which is periodic disclosure and on-going material events disclosure are expected to be released to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.
Other defaulters are: Fidelity Bank Plc, Fortis Microfinance Bank Plc, Great Nigeria Insurance, Guinea Insurance Plc, Newrest ASL Plc, Niger Insurance Plc, Nigerian Enamelware Plc, Phama-Deko Plc, Premier Paints Plc, Presco Plc, Royal Exchange Plc, Sovereign Trust Insurance Plc, STACO Plc, Standard Alliance Insurance Plc, Union Diagnostic & Clinical Services Plc, and Unity Bank Plc.
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