Late filing of 2017 results: NSE to sanction  Unity Bank, Cornerstone Insurance, 12 others

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…fines 20 companies N81m for 2017 late filings

By Kayode Tokede

Fortis Microfinance Bank Plc, Unity Bank Plc, and 13 other listed companies on the Nigerian Stock Exchange (NSE) may face sanction over late filing of 2017 audited result accounts.

Others are Nigerian German Chemical Plc, Roads Nigeria Plc, Afromedia Plc, African Alliance Insurance Plc, Cornerstone Insurance Plc, Niger Insurance Plc, R.T Briscoe Plc, Royal Exchange Plc, Standard Trust Assurance Plc, Standard Alliance Insurance Plc, Unity Bank Plc, Veritas Kapital Assurance Plc and Universal Insurance Company Plc.

The stipulated three months given by NSE to listed companies to submit Audited Financial Statements (AFS) for the year ended December 31, 2017 expires on March 31, 2018.

According to Nigerian NewsDirect findings, majority of the above companies have not officially written to the management of NSE to explain the delay in filing of 2017 audited result accounts.

Further findings by our correspondent revealed that the above companies are trading below N1.00 per share as investors on the bourse continued to dump their shares over increased uncertainty.

The Exchange noted that the identified companies have felled short of the minimum listing standards in terms of timely disclosure of their audited annual financial performance

Currently, those companies are tagged Missed Regulatory Fillings (MRF) for investors to know the status of their annual financial performance.

“The sanctions for non-compliance with periodic financial disclosure obligations are clearly spelt out in the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules),” the Exchange explained in its X-compliance report.

Further findings revealed that three companies have not submitted 2016 audited result accounts while four are yet to remit the 2015 audited result accounts to the Exchange.

Specifically, Skye Bank Plc, Resort Savings & Loans and Afromedia Plc have failed to file Audited Financial Statements of 2016. The like of Resort Savings & Loans, DN Tyre & Rubber Plc, Multi-Trex Integrated Foods Plc and Omatek Ventures Plc are yet to make public 2015 audited financial results to the Exchange.

However, the NSE fined 20 companies N81.2 million for late submission of 2017 results.

Of the 20 companies, Academy Press Plc has the highest amount fined by NSE, followed by Great Nigeria Insurance Plc and Diamond Bank Plc.

The Exchange fined Academy Press N35 million for late submission of 2017 results and penalised Great Nigeria Insurance and Diamond Bank N6.6 million and N3.8 million respectively.

Abbey Mortgage Bank Plc was sanctioned N700,000 by NSE while A.G. Leventis Nigeria Plc was fined N2.7 million for late submission of 2017 results.

Others are Conoil Plc, N5.9million; Equity Assurance Plc, N2.4 million; FBN Holdings Plc, N2.1 million; FCMB Group Plc, N100,000; Fidelity Bank Plc, N2.7 million; International Breweries Plc       , N100,000; Linkage Assurance Plc N3.5 million; Mutual Benefit Assurance Plc, N3.8 million;  Meyer Plc, N2.1 million; Presco Plc, N1 million;  Sovereign Trust Insurance Plc, N2.1 million; Sterling Bank Plc Audited, N1.3 million; Union Bank Plc, N3.7 million; Vitafoam Nigeria Plc , N800,000 and Wema Bank Plc, N800,000.

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