NGX sanctions PZ, Presco, others for late filing of results

Presco Plc, eTranzact International Plc, NCR (Nigeria) Plc, African Alliance Insurance Plc, ABC Transport Plc and PZ Cussons Nigeria Plc have been sanctioned by the NGX Regulation Limited for defaulting in filings of audited and interim accounts for years 2023 and 2024.

Every listed company is required to provide the Nigerian Exchange Limited (NGX) with timely information to enable it to efficiently perform its function of maintaining an orderly market.

For defaulting in filings of audited accounts (Audited Financial Statement for year ended December 2023) ABC Transport Plc paid N3.2million of shareholders money as penalty.

The company filed its full year 2023 result on May 1, 2024. Also, Presco Plc which failed to file its 2023 AFS for year ended December 31, 2023 paid N3.2million penalty.

NGX RegCo said it applied sanctions to these companies and others following the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (Issuers’ Rules).

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During the results season, early filers are companies that file their interim financial statements at least two (2) weeks before the due date, and audited financial statements at least four (4) weeks before the due date.

Companies listed on NGX are required to file their quarterly accounts within thirty (30) days after the end of the quarter in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (Issuers’ Rules).

Presco filed the report on May 1, 2024. eTranzact International Plc did not file its 2023 AFS for year ended December 31, 2023 until April 8, 2024. It paid N700,000 as penalty, NGX Regulation said in its May 3 X-Complaince Report.

NCR (Nigeria) Plc filed its 2023 AFS for year ended December 31, 2023 on April 3, 2024. The company paid penalty of N200,000.

Companies listed on NGX are required to file their financial statements in a timely fashion in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (Issuers’ Rules).

African Alliance Insurance Plc which also submitted its 2022 AFS December on November 22, 2023 paid penalty of N48.6million. PZ Cussons Nigeria Plc which submitted late its 2024 second quarter (Q2) unaudited financial statement paid penalty of N4million.