Listed companies get grace on account submission Kogi to commences second tranche of N20bn in June
The Nigerian Stock Exchange (NSE) announced it has given erring companies on the rendition of accounts a grace of one month grace to comply or face sanctions.
The NSE, in a notice to the companies, said it was concerned and mindful Kogi State Government said it will commence second tranche of N5 billion infrastructural development bond of N20 billion by June 2014.
Governor Capt. Idris Wada made this known during a visit to the Nigerian Stock Exchange (NSE) for a Kogi State bond listing forum with the NSE and other professional parties to the transaction.
Wada said the first tranche of the bond (N5 billion) raised in the capital market by the state for infrastructural development has been completed and utilised in judicious manner.
He stated that the second tranche of another of the challenges being encountered by these companies in the rendition of their accounts.
It said: “This is to inform you that the exchange is concerned and mindful of the challenges being encountered by its listed companies in the rendition of their audited N5 billion would be issued by June 2014.
According to Wada, the bond issuance has given the state an opportunity for infrastructural transformation and will boost its Internal Generated Revenue (IGR).
He explained that the state government has embarked on numerous transformation activities because of the rate at which the bond was subscribed.
“When I assumed office, I found out that there is a fallen gap between our fund and what we needed to do to transform the state and this informed the decision to come to the market,” he said. financial statements. As a result, the exchange has graciously granted all listed companies one month grace period, after their respective filling due dates to submit their audited financial statements.”
The Nigeria’s exchange, however, informed all listed companies to note that penalties for late rendition of the audited financial statements after the grace period become applicable and enforceable.
The NSE said default filing of interim accounts that is first quarter, second quarter and third quarter will attract the applicable penalties.