NGX Sanctions PZ, 17 Others over Late Filing of 2022 Results

The Nigerian Exchange Limited (NGX) has fined 18 listed companies a sum of N34.72 million for late filing of financial statements for full year ended December 31, 2022.

The Exchange said these companies filed their audited financial statements after the regulatory due date and NGX Regulation Limited (NGX Regco) applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (issuers’ rules).

Post-listing rules at the NGX required quoted companies to submit their audited results, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit an interim reports not later than 30 calendar days after the end of the relevant period.

The Exchange in its XCompliance report 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.

Others sanctioned are: Fidelity

Bank Plc with N2.7million; Guaranty Trust Holding Company Plc, N1.4million; Regency Alliance Insurance Plc, N1.4million; Abbey Mortgage Bank Plc, N1.4million; Champion Breweries Plc, N1.6million; Daar Communications Plc, N1.7million; NPF Microfinance Bank Plc, N1.8million; Wema Bank Plc, N1.9million.

In addition, Access Holdings Plc, N2million; Jaiz Bank Plc, N0.6million; Juli Plc, N120,000;

Industrial Medical & Gases Nigeria Plc, N1.2million; Glaxo SmithKline Consumer Nigeria Plc, N1.3million; Notore Chemical Industries Plc, N500,000; Ecobank Transnational Incorporated, N3.2million and John Holt Plc, N3.2million.

The Exchange in its XCompliance report explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.

The report stated that “companies that are listed on the Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.

“Financial information which is periodic disclosure and on-going material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market”.