NGX Fines Ecobank, Fidelity Bank, PZ Cussons, Others N125m for Missing Deadline for Report Submission

Aug 28, 2023 | Uncategorized


  • A total of 26 companies have been fined for failing to submit their financial report on time
  • The action affected listed companies that are into banking and non-banking services
  • The development is in line with NGX post-listing regulation

At least 26 listed companies were penalised N125 million for failing to submit their 2022 audited financial statements and quarterly reports for the first half of 2023 as required by the Nigerian Exchange.

Banks like Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated were impacted, according to The PUNCH.

Nigerian exchange
At least 26 companies were slammed N125m for not filing reports on time
Photo Credit: NGX
Source: UGC

The sanction also affected John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc.

Recall that Legit.ng earlier reported earlier that seven companies were sanctioned by the Nigerian Exchange Group (NGX) for failing to comply with the guidelines of the Exchange.

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In a another report, Legi.ng also reported that about 16 companies, including four banks, have been sanctioned for various infractions.

Quoted company must report results on time

The NGX’s post-listing regulations provide that quoted businesses must report their audited results 90 calendar days, or three months, following the end of the quarter.

In accordance with the regulations, quoted businesses must additionally file interim reports no later than 30 calendar days following the conclusion of the applicable period.

According to the most recent X-Compliance Report published by the NGX’s regulatory arm, FBN Holdings was penalised for submitting its 2022 financial statements and its 2023 first quarter report late. The lender made payments totaling N3.3m for the second infraction and N6.3m for the first.

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Unity Bank paid N6.4m for missing its deadline to submit its 2022 results, and another N3.4m for missing it to submit its interim reports for the first quarter of 2023.

According to the report, Fidelity Bank, GTCO, and Wema Bank each paid fines of N2.7, N1.4, and N1.9 million.

FBN Holdings was penalised for reporting its 2022 financial statements 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 offence, 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.

Other non-banking companies were affected by the fine

Jaiz Bank, Ecobank, and John Holt each paid N600,000, N3.2m, and N3.2m in fines, respectively, while Access Holdings paid N2 million.

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PZ Cussons received an N4.8 million charge from the NGX, Notore Chemical paid N500,000, and GSK—which just announced the closing of its business in Nigeria—also paid a N1.3 million fine for failing to submit its 2022 financial statements on time.

Several other entities faced penalties due to their non-compliance in submitting their 2022 audited financial statements. Juli Plc, as an example, incurred a N120,000 penalty, while Industrial Medical and Gases Nigeria was fined N1.2 million.

Furthermore, NPF Microfinance Bank faced a N1.8 million fine for the same violation.

The agency also penalised Daar Communications N1.7 million, Champion Breweries N1.6 million, and Abbey Mortgage Bank Plc N1.4 million, respectively.

For the same offense, Regency Alliance Insurance and Thomas Wyatt Nigeria each paid fines of N1.4 million and N4.9 million, respectively.

Presco Plc (N24.8m), Ardova (N18.6m), and Universal Insurance Plc (N12.4) were also penalised by the NGX for violating the reporting rules.

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Conoil incurred a penalty of N7.9 million due to its failure to meet the results submission deadline. Similarly, Caverton Offshore Support Group made a restitution payment of N5.7 million for a comparable infringement.

Additionally, Briclinks Africa Plc, a telecommunications service provider, faced a fine of N590,000 within this period.

VFD Group PLC officially announces intention to list on NGX

VFD Group Plc is pleased to announce its intention to list on the Nigerian Exchange Group (NGX), according to Legit.ng report.

This strategic move will allow the company to gain access to public equity markets, increase its visibility, and strengthen its financial position.

The company has a diverse portfolio of investments in various sectors, including banking, technology, media, energy, and real estate. Previously, the Group had been listed on the NASD OTC Securities Exchange since 2020.

Source: Legit.ng





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