By Daniel Edu
Several banks and 18 other listed companies in Nigeria have collectively been fined N125 million for failing to meet the deadlines for filing their 2022 audited financial statements and quarterly reports for the first half of 2023, as required by the Nigerian Exchange (NGX).
Among the penalized banks are Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated. Other companies that faced sanctions include John Holt, PZ Cussons, Notore Chemical, GlaxoSmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc.
The Nigerian Exchange’s post-listing rules dictate that quoted companies must submit their audited results within 90 calendar days (three months) after the end of the respective period. Interim reports should be submitted no later than 30 calendar days after the end of the relevant period.
Fines were imposed based on the latest X-Compliance Report issued by the regulatory arm of the NGX. FBN Holdings, for instance, was fined for delays in submitting both its 2022 financial results and its Q1 2023 report, amounting to N6.3 million and N3.3 million, respectively. Unity Bank was fined N6.4 million for failing to submit its 2022 results on time and another N3.4 million for the delay in submitting its Q1 2023 interim reports.
Fines were imposed on other companies based on the degree of their delays, including Fidelity Bank, GTCO, Wema Bank, Access Holdings, Jaiz Bank, Ecobank, John Holt, PZ Cussons, Notore Chemical, GSK, Industrial Medical and Gases Nigeria, Juli Plc, NPF Microfinance Bank, Daar Communications, Champion Breweries, Abbey Mortgage Bank Plc, Regency Alliance Insurance, Thomas Wyatt Nigeria, Presco Plc, Ardova, Universal Insurance Plc, Conoil, Caverton Offshore Support Group, and Briclinks Africa Plc.
David Adonri, Vice-chairman of Highcap Securities, emphasized that these fines are essential to uphold the integrity of the market and ensure that companies adhere to their disclosure obligations in a timely manner.
