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Some listed companies that filed their audited and interim financial statements after the regulatory due date were sanctioned by the Nigerian Stock Exchange (NSE).
The default filing details since financial year 2014 seen by investor shows that cumulatively, the Exchange raked approximately N51.8million from the affected companies.
In its updated “X-Compliance report”, the Exchange said it applied penalties in accordance with the provisions of Section 14 of Appendix iii of the Listing Rules.
The X-Compliance report is a transparency initiative of the Exchange which is designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.
As at November 25, 2016, the affected companies and the amount they paid as penalties are: African Alliance Insurance Plc which paid N4.2million penalty for financial year ended December 31, 2014.
For the first quarter (Q1) of 2015 result, African Alliance Insurance Plc also paid N3.3million penalty. Also, for second quarter (Q2) of 2015 it paid N2.9million. Again for the third quarter of 2015, the company paid N1.600million as penalty for default filing.
Airline Services & Logistics Plc (ASL Plc) paid N300, 000 as penalty for default filing of its results for the year ended December 31, 2015.
Conoil Plc paid N2.3million default filing penalty for its financial for year ended December 31, 2015. Cornerstone Insurance Plc paid N700, 000 as penalty for default filing of its result for the year ended December 31, 2015.
Daar Communication Plc paid N3.7million default filing penalty for financial year ended December 31, 2014. Also, in the first quarter (Q1) of 2015, Daar Communication Plc paid N3.8million as default filing penalty according to report at the Nigerian Stock Exchange.
Companies’ financial information which is periodic disclosure and their on-going material events are meant to be disclosed to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.
DN Meyers Plc was affected as the company paid N200, 000 penalty for its financial year ended December 31, 2015.
DN Tyre & Rubber Plc paid N3.2million for the year ended December 31, 2014; N4.5million for first-quarter 2015; N3.2million for second-quarter 2015; and in the third-quarter of 2015, DN Tyre & Rubber Plc paid another N1.9million penalty for default filing of its result for that quarter.
Ecobank Transnational Incorporated (ETI) paid N200, 000 default filing penalty for the financial year ended December 31, 2015. Equity Assurance Plc paid N600, 000 as default filing penalty for its financial year December 31, 2015 results.
The company also paid N500, 000 in the first quarter of 2016. FBN Holdings Plc paid N400, 000 as penalty for the financial year ended December 31, 2015. Flour Mills Nigeria Plc paid N100, 000 for third quarter of 2015. Fortis Microfinance Bank Plc paid N700, 000 for financial year ended December 31, 2015.
Great Nigeria Insurance Plc paid N3.8million for financial year ended December 31, 2014; N3.8million as default filing penalty for first quarter 2015 results; and N2.5million for second quarter 2015 results, and for the third quarter of 2015, Great Nigeria Insurance Plc paid N1.200million default filing penalty.
Japaul Oil Maritime Services Plc paid N800, 000 penalty for its financials in the period ended December 31, 2015. Presco Plc paid N600, 000 for December 31, 2015 financial year.
Smart Products Plc paid N200, 000 for December 31, 2015 financial year. Sovereign Trust Assurance Plc paid N500, 000 for December 31, 2015 financial year.
For its financials in the period ended December 31, 2015, Staco Plc paid N200, 000. Standard Alliance Insurance Plc paid N500, 000 for its financials in the period ended December 31, 2015; while Tripple Gee Plc paid N100, 000 for its third quarter 2015 results.
Iheanyi Nwachukwu
