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A total of eight banks and 18 other listed companies have collectively received fines amounting to N125 million due to their failure to submit their 2022 audited financial statements and quarterly reports for the first half of 2023, in accordance with the regulations set by the Nigerian Exchange.
Among the banks affected by the fines are Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated.
The sanctions also extended to other companies, including John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc.
As per the post-listing rules of the NGX, quoted companies are required to submit their audited results within 90 calendar days or three months after the conclusion of the relevant period. Moreover, interim reports are expected to be submitted within 30 calendar days after the conclusion of the relevant period.
The most recent X-Compliance Report from the regulatory arm of the NGX highlighted the fines imposed. FBN Holdings, for instance, was fined for the delay in submitting both its 2022 financial results and its quarter one report for 2023. The bank paid N6.3 million for the former and N3.3 million for the latter.
Unity Bank paid N6.4 million for the delay in its 2022 results and an additional N3.4 million for the late submission of its interim reports for Q1 2023.
Other fines were as follows: Fidelity Bank, GTCO, and Wema Bank paid N2.7 million, N1.4 million, and N1.9 million, respectively. Access Holdings, Jaiz Bank, Ecobank, and John Holt paid penalties of N2 million, N600,000, N3.2 million, and N3.2 million, respectively.
The penalties extended to other companies as well. For example, PZ Cussons received a fine of N4.8 million, while Notore Chemical paid N500,000. GSK, which announced the closure of its operations in Nigeria, was also fined N1.3 million for the delay in filing its 2022 financial results.
Other companies that faced sanctions included Industrial Medical and Gases Nigeria, Juli Plc, NPF Microfinance Bank, Daar Communications, Champion Breweries, Abbey Mortgage Bank Plc, Regency Alliance Insurance, Thomas Wyatt Nigeria, Presco Plc, Ardova, Universal Insurance Plc, Conoil, and Caverton Offshore Support Group.
According to David Adonri, Vice-chairman of Highcap Securities, the fines are essential to uphold the integrity of the market. Adonri emphasized the importance of timely corporate disclosures in the information-driven capital market, and highlighted that companies can request additional time if they foresee difficulties in meeting disclosure deadlines.
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