Full List: NGX Orders 24 Companies To Pay Over N87m Penalty for Filing Audited Results After Due Date
- The Nigerian Exchange Limited has released a list of companies that were fined for submitting their audited financial statements late
- The companies, which include Presco Plc, and Caverton Offshore, were forced to pay over N87 million for the delay
- There are currently 155 publicly listed companies on the Nigerian exchange trading with a combined market value in trillions
The Nigerian Exchange Limited has imposed a penalty of N87.3 million on 24 companies listed on the stock market.
The companies were fined for filing their 2022 audited financial statements after the regulatory due date.
NGX Regulation Limited (NGX RegCo) applied the sanctions in accordance with the Rules for filing of accounts and treatment of default filing.
Source: Facebook
What the law says
Companies listed on NGX are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules
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Financial information, which is periodic disclosure and on-going material events disclosure, is meant to be released to NGX in a timely manner to enable it to efficiently maintain an orderly market.
Breakdown of the companies and how much fine
- Presco Plc: N15.4 million
- Ardova: N11.4 million
- Universal Insurance Plc: N7.7 million
- Unity Bank Plc: N6.4 million
- FBN Holdings Plc: N6.3 million
- Conoil Plc: N5.4 million
- Caverton Offshore Support Group Plc: N3.9 million
- Fidelity Bank Plc: N2.7 million
- Guaranty Trust Holding Company Plc: N1.4 million
- Regency Alliance Insurance Plc: N1.4 million
- Abbey Mortgage Bank Plc: N1.4 million
- Champion Breweries Plc: N1.6 million
- Daar Communications Plc: N1.7 million
- NPF Microfinance Bank Plc: N1.8 million
- Wema Bank Plc: N1.9 million
- Access Holdings Plc: N2 million
- Jaiz Bank Plc: N600,000
- Juli Plc: N120,000
- Industrial Medical & Gases Nigeria Plc: N1.2 million
- Glaxo SmithKline Consumer Nigeria Plc: N1.3 million
- Notore Chemical Industries Plc: N500,000
- PZ Cussons Nigeria Plc: N4.8 million
- Ecobank Transnational Incorporated: N3.2 million
- John Holt Plc: N3.2 million
Zenith Bank chairman Jim Ovia makes over N13bn in 5 hours, buys more shares
In another report, Legit.ng revealed that Jim Ovia, the owner of Zenith Bank, has purchased additional shares in his bank.
The new shares were purchased after he made over N13 billion from President Tinubu's inaugural speech.
He made money between 9:30 and 14:30, the trading hours of the Nigerian stock market.
Source: Legit.ng
