At least eight banks and 18 other listed companies have been fined a total of N125m by the Nigerian Exchange (NGX) for failing to file their 2022 audited financial statements and quarterly reports for the first half of 2023, according to The PUNCH. 

 

The affected banks include Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated.

 

Other companies fined include John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc. 

 

NGX’s post-listing rules require quoted companies to submit their audited results no later than 90 calendar days after the expiration of the period and interim reports no later than 30 calendar days after the end of the relevant period.

 

FBN Holdings was fined for delaying submitting its 2022 financial results and its Q1 report for 2023. The lender paid N6.3m for the former offense and N3.3m for the latter. 

 

Unity Bank paid N6.4m for failing to submit its 2022 results on time and another N3.4m for delaying submitting its interim reports for Q1 2023.

 

The Vice-chairman of Highcap Securities, David Adonri, stated that the fines were necessary to maintain the sanctity of the market. “The capital market is information-driven. There is certain information that the listed companies must disclose at the appropriate time,” he said.