A total of eight banks and 18 listed companies in Nigeria have been collectively fined N125 million for their failure to submit their 2022 audited financial statements and quarterly reports for the first half of 2023, as required by the Nigerian Exchange (NGX). The affected banks include Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated.
Under the post-listing rules of the NGX, quoted companies are mandated to submit their audited results within 90 calendar days after the end of the relevant period, while interim reports are to be submitted within 30 calendar days. Companies failing to meet these deadlines face financial penalties.
The latest X-Compliance Report from the NGX’s regulatory arm revealed the specifics of the fines imposed. FBN Holdings was fined for the delayed submission of both its 2022 financial results and its Q1 2023 report. Unity Bank, Fidelity Bank, GTCO, Wema Bank, and others also incurred fines for non-compliance.
David Adonri, Vice-chairman of Highcap Securities, emphasized the importance of such fines in upholding the integrity of the market, asserting that the capital market relies on accurate and timely information for effective functioning.
Published by: MarketNewsNG