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NSE Fines Companies For Late Filling Of Financial Statement

Some of the biggest companies listed on the Nigerian Stock Exchange are to be fined millions of naira for filing their financial statements for the … Continue reading NSE Fines Companies For Late Filling Of Financial Statement


Some of the biggest companies listed on the Nigerian Stock Exchange are to be fined millions of naira for filing their financial statements for the years 2011 and 2012 after the regulatory due dates.

In its X-compliance report released yesterday, management of the exchange says the sanctions are in accordance with provisions of Section 14 of appendix one hundred and eleven of its listing rules.

While there are 32 companies involved, some of the most prominent named in the report include: Dangote Flour Mills, Oando, Conoil, Union Bank, Wema Bank, and Mutual Benefits Assurance.

Those to pay the highest fines are Linkage Assurance, Equity Assurance, Standard Alliance, Mutual Benefits Assurance, Costain, Unic Insurance, Guinea Insurance, Wema Bank, IPWA and John Holt.

All 32 companies are to pay a total sum of N56.3 million.