The Nigerian Exchange Regulation Limited has said eight companies failed to issue an explanation on why they are yet to file their annual audited reports.
The eight companies were accused of failing to comply with the directive to issue a press release as set forth in the deficiency filing notices issued to them.
The NGX RegCo listed the defaulting companies in a statement which includes Champion Breweries Plc, International Energy Insurance Plc, Wema Bank Plc, Conoil Plc, Presco Plc, GlaxoSmithKline Consumer Nigeria Plc, Pharmadeko Plc and Universal Insurance Plc.
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It said the companies’ audited financial statements for the year ended 31 December 2022 became due on 31 March 2023, being the due date for filing the 2022 AFS.
Due to the non-filing of the 2022 audited financial statements by the due date, the companies have violated the rules for the filing of accounts and treatment of default filing, rulebook of the Nigerian Exchange Limited issuers’ rules (Default filing rules).
“Audited annual accounts shall be filed with the Exchange not later than 90 calendar days after the relevant year-end, and published in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting, and posted on the company’s website with the web address disclosed in the newspaper publications.
“An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.”
The NGX RegCo has warned investors to be cautious when trading in the securities of the affected companies.
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