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Banks and eighteen other parties were fined N125 million for filing late.



According to the reposter findings, at least eight banks and eighteen other listed firms were fined N125 million for neglecting to submit their audited financial statements for 2022 and their quarterly reports for the first half of 2023 as required by Nigerian Exchange.

The banks that were impacted were Ecobank Transnational Incorporated, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, Fidelity Bank, Access Holdings, Unity Bank, and Wema Bank.The sanctions also had an impact on Juli Plc, PZ Cussons, Notore Chemical, John Holt, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Glaxo SmithKline Consumer Nigeria.

Quoted businesses must submit their audited results no later than 90 calendar days, or three months, following the end of the period, in accordance with the NGX’s post-listing regulations.

According to the regulations, quoted businesses must also provide interim reports no later than thirty calendar days following the conclusion of the applicable period.

According to the most recent X-Compliance Report from the NGX’s regulatory branch, FBN Holdings was penalised for filing its 2022 financial statements and its 2023 quarter one report after the deadline. For the first offence, the lender paid N6.3 million, and for the second, N3.3 million.

Unity Bank made two payments: N3.4 million for the delay in filing its interim reports for Q1, 2023, and N6.4 million for missing the deadline for its 2022 results.As to the report, Fidelity Bank, GTCO, and Wema Bank have paid N2.7 million, N1.4 million, and N1.9 million in fines, respectively.

While Access Holdings paid N2 million, penalties for Jaiz Bank, Ecobank, and John Holt were N600,000, N3.2 million, and N3.2 million, respectively.PZ Cussons was fined N4.8 million by the NGX, Notore Chemical was fined N500,000, and GSK, which had declared that it was closing its business in Nigeria, was penalised N1.3 million for neglecting to submit its 2022 financial statements by the deadline.

In addition, NPF Microfinance Bank paid a punishment of N1.8 million, Juli Plc paid a penalty of N120,000, and Industrial Medical and Gases Nigeria paid a charge of N1.2 million for their tardiness in reporting its 2022 audited accounts.The regulator also fined Champion Breweries N1.6 million and Abbey Mortgage Bank Plc N1.4 million, while Daar Communications was penalised N1.7 million.

For the same crime, Regency Alliance Insurance and Thomas Wyatt Nigeria also paid fines of N1.4 million and N4.9 million, respectively.

Additionally, Presco Plc (N24.8m), Ardova (N18.6m), and Universal Insurance Plc (N12.4) were hit with the NGX hammer for violating the filing requirements.

In addition, Conoil was fined N7.9 million for failing to submit its results within the allotted time, while Caverton Offshore Support Group was penalised N5.7 million for the same violation.Briclinks Africa Plc, a provider of telecommunications services, also had to pay N590,000 in fines at this time.

According to David Adonri, vice-chairman of Highcap Securities, the sanctions were required to preserve the integrity of the market.

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