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.