Numerous banks and listed companies in Nigeria have been fined a total of N125 million for failing to submit their 2022 audited financial statements and Q1 2023 reports, as required by the Nigerian Exchange (NGX). Among those fined were Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated. Additionally, John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc were sanctioned.
The NGX’s post-listing rules mandate companies to submit audited results within 90 calendar days after the period ends, and interim reports within 30 calendar days after the relevant period. Fines were imposed based on the latest X-Compliance Report from the NGX’s regulatory arm.
FBN Holdings was fined N6.3 million for delays in submitting its 2022 financial results and Q1 2023 report. Unity Bank paid N6.4 million for the late submission of its 2022 results and an additional N3.4 million for Q1 2023 reports.
Fines were also imposed on other companies, including Fidelity Bank, GTCO, Wema Bank, Industrial Medical and Gases Nigeria, Juli Plc, NPF Microfinance Bank, Daar Communications, Champion Breweries, Abbey Mortgage Bank Plc, Regency Alliance Insurance, Thomas Wyatt Nigeria, Presco Plc, Ardova, Universal Insurance Plc, Conoil, Caverton Offshore Support Group, and Briclinks Africa Plc.
David Adonri, Vice-chairman of Highcap Securities, emphasized that these fines help uphold market integrity and encourage timely corporate disclosures.