Business
NSE Fines 31 Firms For Flouting Rules
The Nigerian Stock Exchange (NSE) has slammed fines totalling N56.3 million on 31 companies which failed to submit their 2011 and 2012 financial statements on time.
Reports say that X-Compliance report released by the NSE showed that John Holt topped the list of affected companies with a double fine of N1.7 million and N3.4 million.
John Holt is to pay the fines for failing to submit its 2011 and 2012 financial results.
The NSE also fined 14 insurance companies for failing to submit their financial results with Linkage receiving the highest fine of N3.3 million.
Others insurance companies are Equity Assurance, Standard Alliance, Mutual Benefits Assurance, Great Nigeria Insurance and African Alliance Insurance, among others.
They are to pay N3 million each.
The report also said that Daar Communications and Ikeja Hotels would pay the sum of N3.4 million fine for failing to comply with the NSE listing requirement.
Other companies are C&I Leasing N1.5million, Costain N2.85million, Dangote Flour Mills N0.4million, Oando N0.5million, SCOA N0.8million, Union Bank N0.9million and Wema Bank N2.7million, among others.
The NSE said in the report that the action was in accordance with the provision of Section 14 of Appendix 111 of the Listing Rules of the Exchange.
The NSE is now proactive in enforcing its listing rules in recent times to ensure prompt submission of market information by quoted companies and restoration of investor confidence.
Reports that one of the listing requirements for quoted companies is that their quarterly and full year reports must be submitted not later than 90 days after the close of a quarter or a financial year.
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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