Eight banks at least and 18 other publicly traded corporations have each been 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.
The affected banks were Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated.
The sanction also had an effect on John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc.
Quoted businesses are expected to submit their audited results in accordance with the post-listing regulations of the NGX no later than 90 calendar days, or three months, following the conclusion of the period. Furthermore, according to the rules, quoted businesses must deliver interim reports within 30 days of the conclusion of the applicable period.
FBN Holdings was punished for late submission of its 2022 financial results and its quarter one report for 2023, according to the most recent X – Compliance Report released by the regulatory arm of the NGX. The lender made payments totaling N6.3 million for the first offense and N3.3 million for the second.
Unity Bank was fined N6.4 million for missing the deadline for its 2022 results and another N3.4 million for submitting its interim reports for the first quarter of 2023 after it was late.
Fidelity Bank, GTCO, and Wema Bank paid fines of N2.7 million, N1.4 million, and N1.9 million, respectively, according to the report.
While John Holt, Jaiz Bank, and Ecobank each paid N600,000 in fines, Access Holdings paid N2 million, and Access Holdings also paid N3.2 million in penalties.
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 as and when required.
In addition, Industrial Medical and Gases Nigeria, Juli Plc, and NPF Microfinance Bank were all fined for failing to submit their 2022 audited financial statements on time. Juli Plc paid a penalty of N120,000, and NPF Microfinance Bank paid a charge of N1.8m.
The agency also penalized Daar Communications N1.7m, Champion Breweries N1.6m, and Abbey Mortgage Bank Plc N1.4m, respectively.
In addition to paying fines of N1.4 million and N4.9 million for the same offense, Regency Alliance Insurance and Thomas Wyatt Nigeria also did so.
Presco Plc (N24.8m), Ardova (N18.6m), and Universal Insurance Plc (N12.4) were also penalized by the NGX for violating the filing rules.
For failing to submit its results within the allotted time, Conoil was also fined N7.9 million, while Caverton Offshore Support Group was penalized N5.7 million for the same violation.
A N590,000 fine was also paid by the telecommunications services provider Briclinks Africa Plc during this time.
The fines, according to David Adonri, vice chairman of Highcap Securities, were required to uphold the market’s integrity.
A large number of them concern corporate disclosures. Information is what drives the capital market. The listed companies must reveal specific information when it is suitable. If a business realizes it might not be able to disclose such information, it may send a request to the exchange asking for more time.
