The Nigerian Stock Exchange (NSE) has sanctioned 10 listed companies N354.6 million over late filing of audited results and account of December 2017 & 2016 and first quarter of 2017.
The NSE mandated the listed companies to provide timely information to enable it efficiently perform its function of maintaining an orderly market.
The 10 affected companies include, Academy Press Plc, African Alliance Plc, Conoil Plc, Daar Communications Plc, Ekocorp Plc, Fortis Microfinance Bank Plc
Others are Great Nigeria Insurance Plc, Guinea Insurance Plc, Universal Insurance Plc and Thomas Wyatt Plc.
Of the 10 companies, NSE sanctions on African Alliance Plc and Thomas Wyatt Plc was the highest as sanction imposed on Conoil was the lowest.
The Exchange sanctioned Guinea Insurance, three times for late filing of Audited 2015, first, second and third quarter of 2016 results.
The breakdown revealed that the Exchange sanctioned Academy Press N35 million; African Alliance, N46.1million and Conoil, N13.5 million for late submission of audited 2017, audited 2015 & audited 2016 and audited 2016 & first quarter 2017 results respectively.
Daar Communication was sanctioned N18.3 million for violating Audited 2015 and Audited 2016, first quarter of 2017 while Ekocorp was sanctioned N75.6 million for failing to submit Audited 2014 and Audited 2015.
Fortis Microfinance Bank was sanctioned N20.8 million; Great Nigeria Insurance Plc N24.8 million and Guinea Insurance, N22.3 million.
Universal Insurance was sanctioned N51.4 million and Thomas Wyatt N46.8 million for Audited 2014 and Audited 2015 results respectively.
The NSE in its rules said, “accordance with the provisions of Appendix iii of the Listing Rules, quoted companies are required to obtain prior written approval from The Exchange before publications that affect shareholders’ interest are made in the media. In addition, companies are also required to disclose material information to The Exchange and publish some of that information in their Annual Reports.”