The Nigerian Stock Exchange (NSE) has imposed a fine of N27 million on 12 listed companies for failing to file their financial statements for the year ended December 2013 and 2014 within the stipulated period.
Information gathered from the website of the Nigerian bourse, in its X-Compliance report, showed that the 12 defaulting companies have been fined a total sum of N27 million.
It was gathered that sanctions were applied on erring companies by the NSE in accordance with the provisions of Section 14 of Appendix 111 of the listing rules.
Analysis of the companies involved showed that Universal Insurance was fined N5.1 million, having the highest fine. Africa Alliance Insurance was fined N4.2 million, Resort Saving & Loans was fined N4.3 million, Aso Saving is to pay N3.7 million, Nigerian Enamelware was fined N1.6 million while Mutual Benefit and eTranzact were fined N2.7 million each for failure to file in their December 2013 results accounts within the stipulated time.
Other companies that faced the NSE’s sanction for failure to file in their December 2014 results accounts are C&I Leasing, N1.3 million, Fortis and Lasaco Assurance, N400,000 each, NEM Insurance and Nigerian Ropes, N300,000 and N100,000, respectively.
The X-Compliance report is a transparency initiative of the exchange designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.