NGX Slams 2 Banks, 7 Companies with N76.8 Million over Annual Reports, List Emerges

NGX Slams 2 Banks, 7 Companies with N76.8 Million over Annual Reports, List Emerges

  • About two banks and seven quoted companies have been slammed with a N76.8 million fine by the NGX
  • The NGX disclosed that the companies failed to comply with its set requirements by filling their audited reports early
  • The development comes as shares traded on the NGX experienced a decline on Monday, June 24, 2024’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The Nigerian Exchange Limited (NGX) has slammed a N76.8 million fine on nine quoted firms for failure to file their audited financial statements after the due date.

Reports disclose that the companies were punished for not meeting the regulatory requirements for the year-end 2022 and 2023 financials.

NGX slams fines
NGX fines 9 Nigerian firms for not filling annual reports Credit:@NGX
Source: Facebook

NGX gives reasons for hefty fine

The X-Compliance Report, a transparency initiative of NGX Regulation Limited (NGX RegCo), is required to maintain market integrity and protect investors by providing compliance-related information on all listed firms.

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Companies listed on the NGX are expected to abide by the high disclosure standards prescribed in the NGX’s Rulebook 2015 and Rules of NGX occasionally.

According to reports, the NGX regularly sanctions companies for failing to comply with the set requirements.

List of affected companies

The affected companies include African Alliance Insurance Plc, VFD Group Plc, FBN Holdings Plc, Sterling Financial Holdings Company Plc, UPDC Plc, ABC Transport Plc, Presco Plc, eTranzact International Plc, and NCR Plc.

Findings show that African Alliance Insurance Plc was slammed with the heaviest fine of N48 million for not filling the 2022 annual financials timely.

VFD Group was fined N5.6 million, FBN Holdings Plc received a fine of N5.4 million, Sterling Financial Holdings Company Plc was fined N6 million, UPDC Plc was fined N3.9 million, ABC Transport Plc was fined N3.2 million, Presco Plc was fined N3.2 million, transact was fined N700,000, and NCR plc was fined N200,000.

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Nigerian Stock Exchange experiences loss

The development comes as the Nigerian stock market experienced a plunge on Monday, June 24, 2024.

The equities market began the week negatively as investors lost N51.70 billion at the end of the trading session, reports say.

The stocks of INTERBREW, DEACAPCAP, and DAARCOM drove the drop.

All-Share Index declined to 99.651.67 from the 99.743.05 recorded on Friday, June 21, 2024.

In November last year, Union Bank, one of Nigeria's oldest financial institutions, announced it was delisting from NGX.

This was contained in a corporate release on the NGX and signed by Somuyiwa Sonubi, the company's secretary.

Consequent upon the approval, the company noted that the the registrars will remit the scheme consideration to all shareholders of the bank.

Report shows Nigeria’s most profitable banks reported that Following impressive earnings, Guaranty Trust Bank Holding Company Plc (GTCo) and the United Bank for Africa (UBA) had emerged as Nigeria’s most profitable banks by Return on Equity (ROE) in 2023.

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RoE refers to the ratio that provides investors with an understanding of how efficiently a company handles shareholders’ funds.

Findings show that GTCo declared a 44.82% RoE from the 18.65% it recorded in 2022.

Proofread by Kola Muhammed, journalist and copyeditor at


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Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.