National Economy
Saturday, July 19, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Companies & Markets

17 Firms Fined N93.9m For Default Filings Of Financial Statement

by Olushola Bello
2 years ago
in Companies & Markets
Reading Time: 3 mins read
NGX-Group-Building
Share on FacebookShare on TwitterShare on Telegram

The Nigerian Exchange Limited (NGX) has fined Honeywell Flour Mills and 16 others N93.92 million for failure to file their financial statements after the regulatory due date in 2022.

Investigation by NATIONAL ECONOMY showed that the companies were sanctioned during the current financial year 2022 for their inability to meet the regulatory requirements ranging between third quarter (Q3) 2021 and Q3 of 2022.

Further checks revealed that Honeywell Flour Mills was fined N1.2 million for untimely filling of Q3, 2021 financial results. For audited financial statement, Notore Chemical Industries, Union Bank of Nigeria, Japaul Gold & Ventures, Presco, Veritas Kapital Assurance, LASACO Assurance, FBN Holdings, Ardova Plc, C&I Leasing Plc, Coronation Insurance, Mutual Benefits Assurance and Royal Exchange were fined N90,000; N1.2 million; N2.8 million; N3.6 million; N4.9 million; N4.8 million; N5.3 million; N5.5 million; N9.7 million; N11.6 million; N9 million; N4.4 million; and N6.3 million respectively.

PZ Cussons Nigeria got N4.8 million fine for 2022 audited financials and Ecobank Transnational Incorporated (ETI) was penalised with N3.2 million fine for Q3 20221 results.

You May Like

10 Broking Firms Trade N1.112trn Worth Of Stocks In Q2

Fuel Importation To Drop Further As BINL Plans 500,000bpd Refinery

The Exchange in its X-Compliance 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.”

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)

Market operators agreed that the sanctions were warranted, saying that such sanctions would compel more quoted entities to disclose their information to the market on a timely basis.

The managing director of Crane Securities Limited, Mr Mike Eze, said that the action of NGX would also boost investor confidence in the market because it is sending a clear message on the need for investors to get companies’ financial reports as at when due.

He added that investors always need to make informed decisions about which stocks to buy and that they can only be able to do that if companies release their regulatory filings on time.

The founder of the Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, also agreed that the companies deserved to be sanctioned.

Nwosu noted that the affected companies ought to have filed their earnings reports on time to help shareholders to understand their financial health for investment decisions.

“It is not a new thing and it does not come to us as a surprise. We have constantly written to the exchange and raised the issue at annual general meetings that there is a need to know the status of these companies to enable us to take investment position,” he noted.

The President of Progressive Shareholders Association, Mr Boniface Okezie, said that penalising companies for non-compliance with the rules of listing on NGX was a welcome development, as it will lead to more appropriate pricing of securities. He said more entities would be compelled to give information to the market on a timely basis, adding that investor confidence in the regulatory capacity of NGX and the market would be enhanced.

A founding member of Nigeria Shareholders Solidarity Association and one of the leading shareholder activists, Alhaji Gbadebo Olatokunbo said, “We must always abide by the rules, sanctions would make the companies sit up and post their results as and when due, thereby providing investors, analysts and stockbrokers the platform to predict the real value of the companies.”

 

 

ShareTweetShare
Previous Post

Tackling Poverty In Nigeria

Next Post

Terra Seasoning Cube Emerges Outstanding Brand Of The Year

ANOTHER GOOD READ

10 Broking Firms Trade N1.112trn Worth Of Stocks In Q2
Companies & Markets

10 Broking Firms Trade N1.112trn Worth Of Stocks In Q2

5 days ago
Fuel Importation To Drop Further As BINL Plans 500,000bpd  Refinery
Companies & Markets

Fuel Importation To Drop Further As BINL Plans 500,000bpd Refinery

5 days ago
NNPC, Shell Offer Free Eye Surgery To Lagosians
Companies & Markets

NNPC, Shell Offer Free Eye Surgery To Lagosians

5 days ago
BAT Nigeria Demonstrates Resilience, Commits To Local Impact
Companies & Markets

BAT Nigeria Demonstrates Resilience, Commits To Local Impact

5 days ago
NGX Seeks Regional Collaboration To Unlock West Africa’s Trade, Investment Potential
Companies & Markets

NGX Seeks Regional Collaboration To Unlock West Africa’s Trade, Investment Potential

3 weeks ago
Bankit MFB Eyes 1m Customers Milestone By Year-end
Companies & Markets

Bankit MFB Eyes 1m Customers Milestone By Year-end

3 weeks ago
Next Post
Terra Seasoning Cube Emerges Outstanding Brand Of The Year

Terra Seasoning Cube Emerges Outstanding Brand Of The Year

Most Recent

Meta Deletes 10m Fake Profiles In Recent Crackdown

Meta Deletes 10m Fake Profiles In Recent Crackdown

July 17, 2025
Dangote Hails Tinubu Over NNPCL Leadership Choice

‘Africa Now Dumping Ground For Substandard Fuel’, Dangote Laments

July 17, 2025
NIS Launches Digital Platform For Expatriate Residence Permit Applications

NIS Launches Digital Platform For Expatriate Residence Permit Applications

July 17, 2025
Oyetola Vows To End Fish Importation

Oyetola Vows To End Fish Importation

July 17, 2025
Where Is The Fighting Ground Of Fintech Firms?

Where Is The Fighting Ground Of Fintech Firms?

July 14, 2025
FIFA Opens Office In Trump Tower

FIFA Opens Office In Trump Tower

July 14, 2025
Delta Gears Up For Groundbreaking CNS Swimming Championship

Delta Gears Up For Groundbreaking CNS Swimming Championship

July 14, 2025
Jeremiah, Sani-Inabo Advance To VEMP Doubles Quarterfinals

Jeremiah, Sani-Inabo Advance To VEMP Doubles Quarterfinals

July 14, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy