Delayed Audited Results: NSE Sanctions 39 Firms N110m

The Nigerian Stock Exchange (NSE) has imposed monetary sanctions on 39 quoted companies over their failure to meet the extended deadline for the submission of their audited reports and accounts.

The NSE X-compliance report made available by NSE indicated that Exchange imposed fines ranging from between N100,000 to N6 million on 39 companies.

From the report, three companies failed to submit their audited accounts for December 2013, December 2014, first quarter, second quarter and third quarter of 2015 to the NSE.

According to data gathered by LEADERSHIP, Great Nigeria Insurance fined a total sum of N16.9 million from 2013 to 2015.  Daar Communications failure to submit December 2014 and First Quarter of 2015 was sanctioned N3.7 million and N3.8 million respectively.  Daar Communication according to the report had failed in filing December 2013 accounts. This had forced NSE management to sanction the company N6 million, an indication that Daar Communication was fined N13.5 million in total sum.

DN Tyres & Rubber Plc that was sanctioned a total sum of N12.8 million on the failure to disclose first, second and third quarter results of 2015.

Those companies that default filing in 2015 with December 2013 accounts are Aso Savings and Loans that was fined N3.7 million while African Alliance and R. T Briscoe Plc were sanctioned N4.2 million and N1.5 million respectively.

Resort Savings and Loans pay a fine of N4.3 million while Nigerian Enamelware and  E-Tranzact, were sanctioned N1.6 million and N2.7 million respectively. Universal Insurance received fine of N5.3 million

Others companies included C & I Leasing, N1.3 million; Nigeria Ropes, N100,000; NEM Insurance Plc, N300,000; Fortis Microfinance Bank Plc, N400,000.

The likes of Lasaco Assurance and Japaul Oil and Maritimes Services were fined N400, 000 each; while Regency Assurance, Staco Insurance and Niger Insurance were fined N700,000 each; Linkage Assurance and Studio Press were slammed with N900,000 each and Equity Assurance to pay N500,000.

Other companies are Nascon Allied and Industries Plc, N100,000; Vitafoam Nigeria, N3.2 million; Union Diagnostic and Clinical Services, N100,000; Multiverse Plc, N1.8 million; Fortis Microfinance Bank was sanctioned N600,000 in total sum.

Flour Mills, N300,000; Standard Alliance Insurance, N2.4 million; Arbico, N1.8 million; Conoil Plc, N2.1 million; Omoluabi Savings & Loans Plc, N1.6 million; Oando, N6.2 million; NCR Nigeria, N4.8 million; Equity assurance, N100,000; Ellah Lakes, N100,000 and Guinea Insurance, N4.8 million in total sum.

NSE had said that late filing has the potential to adversely affect the capital market and shareholders who invested in those companies.

The NSE had extended the March 31 deadline by a period of one month. With this companies that operate the Gregorian calendar year as their business year had up till April 30 to submit their full-year audited reports and accounts.


Source: Leadership