18 listed firms were penalised N34.72 million by the Nigerian Exchange Limited (NGX) for submitting their financial accounts for the entire year that concluded on December 31, 2022, late. In accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (issuers’ rules), NGX Regulation Limited (NGX Regco) imposed sanctions on these companies after they submitted their audited financial statements after the deadline.
Quoted businesses were expected to submit their audited results in accordance with post-listing regulations to the NGX no later than 90 calendar days, or three months, following the end of the period.
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. The Exchange’s X-Compliance program disclosed that PZ Cussons Nigeria Plc was the most sanctioned company, followed by Caverton Offshore Support Group Plc.
Specifically, PZ Cussons Nigeria and Caverton Offshore Support Group were sanctioned N4.8million and N3.9million for untimely filling of 2022 financial results to the Exchange, respectively. Capital market operators said the sanctions were warranted, expressing that, such sanctions would compel more quoted companies to disclose their information to the market on a timely basis.