Late filing: NGX slams N719.7m fine on Conoil, others

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The Nigerian Exchange Limited has imposed a total penalty of N719.7m on 14 companies listed on the stock market for late filing of their audited and interim financial statements.

The NGX disclosed this under the ‘2021 default filings’ section of a report obtained by our correspondent on Tuesday.

The companies that filed their financial statements after the regulatory due date include Japaul Gold and Ventures Plc, Conoil Plc, Meyer Plc, Cornerstone Insurance Plc, Afromedia Plc, FTN Cocoa Processors Nigeria Plc and Unity Bank Plc.

Others are NPF Microfinance Bank Plc, C & I Leasing Plc, Notore Chemicals Industries Plc, Vitafoam Nigeria Plc, Juli Plc, Greif Nigeria Plc and Omatek Ventures Plc.

“The Exchange applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Exchange,” the bourse said in the report.

Japaul Gold and Ventures was fined N9.6m for the late filing of its 2020 audited financial statements and first quarter of 2021 results, while Conoil was fined N6.1m for 2020 audited results.

The NGX slammed Meyer N1.9m for late filing of Q1 2021 results; Cornerstone Insurance got a fine of N4.5m for not submitting 2020 audited results on time; Afromedia was fined N3m for 2020 audited results, and FTN Cocoa Processors fined N500,000 for Q1 2021 results.

Unity Bank, NPF Microfinance Bank Plc, C & I Leasing, Notore Chemicals Industries and Vitafoam Nigeria were fined N1.9m, N1.6m, N1.3m, N200,000 and N200,000 respectively for filing their 2020 audited results after the regulatory due date.

Juli, which filed its audited financial statements of five years (2015 to 2019) in December last year, was slammed a total penalty of N151.2m.

According to the report, companies that are listed on the NGX are required to adhere to high disclosure standards which are prescribed in the Rulebook of the Exchange, 2015, and other Rules of the Exchange, from time to time.

SOURCE: PUNCH

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