No fewer than 24 listed companies paid a cumulative sum of N87.32million to the NGX Regulation Limited (NGX RegCo) as penalty for defaulting in filing their audited financial statements for the year 2022, the X-Compliance Report shows.
The companies filed their audited financial statements after the regulatory due date and the NGX RegCo applied sanctions in accordance with the Rules for filing of accounts and treatment of default filing.
Top on the list is Presco Plc which on August 1, 2023 filed its audited full year to December 31, 2022 result. Presco paid penalty of N15.4million. The report also shows that Ardova which recently delisted voluntarily from the Exchange filed its audited full year to December 2022 result on July 11, 2023. It paid penalty of N11.4million. Also, Universal Insurance Plc which filed its audited 2022 financial statement on June 16, 2023 paid penalty of N7.7million.
The X-Compliance Report is a transparency initiative of The Nigerian Exchange Limited (NGX) which is designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.
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Also, on the defaulters list includes Unity Bank Plc which on June 3, 2023 filled its audited financial statement for year 2022. Unity Bank paid penalty of N6.4million. FBN Holdings Plc which according to the report paid submitted its audited financial statement for year 2022 on June 2, 2023 paid penalty of N6.3million.
Another defaulter is Conoil Plc. Conoil Plc filed after regulatory due date, its audited financial statement for year ended December 2022. The company which filed the audited 2022 financial statement on May 24, 2023 paid penalty of N5.4million.
Companies listed on NGX are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules. Financial information which is periodic disclosure and on-going material events disclosure are meant to be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market.
Caverton Offshore Support Group Plc also defaulted in filing its 2022 audited financial statement for year ended December 2022. The company which filed the result on May 9, 2023 paid penalty of N3.9million, while Fidelity Bank Plc which defaulted in filing its full year to December 2022 audited financials paid N2.7million penalty.
Fidelity Bank filed the audited scorecard on April 27, 2023. Likewise, Guaranty Trust Holding Company Plc which on April 14, 2023 filed its 2022 audited 2022 financial statement paid penalty of N1.4million for default filing.
The list also shows that Regency Alliance Insurance Plc which on April 14, 2023 filed its 2022 audited financial statement paid N1.4million as penalty for submitting the full result after regulatory due date.
Abbey Mortgage Bank Plc on April 14, 2023 submitted its 2022 audited financial statement. The mortgage bank paid N1.4million as penalty for filing the result after regulatory due date.
Champion Breweries Plc which on April 16, 2023 submitted its 2022 audited financial statement paid N1.6million; Daar Communications Plc which submitted on April 17, 2023 its audited statement for year ended December 2022 paid penalty of N1.7million; while NPF Microfinance Bank Plc submitted its audited 2022 financials on April 18, 2023. The microfinance bank paid N1.8million penalty for the default filing.
Another company that defaulted in filing its audited 2022 financial statement is Wema Bank Plc. For filing the result on April 19, 2023 after regulatory due date, Wema Bank paid N1.9million; while Access Holdings Plc another defaulter filer of 2022 audited financial statement paid N2million penalty. Access Holdings submitted the audited 2022 result on April 20, 2023.
Jaiz Bank Plc which on April 6, 2023 filed its 2022 audited financials paid N600,000 penalty; Juli Plc also made the list of 2022 audited financial statement default filers. The company submitted the said financial scorecard on April 12, 2023 and paid N120,000 penalty. Industrial Medical & Gases Nigeria Plc also made the list following its submission on April 12, 2023 the 2022 audited financial statement. It paid N1.2million penalty.
Glaxo SmithKline Consumer Nigeria Plc filed its audited 2022 financial scorecard on April 13, 2023. GSK paid N1.3million penalty. Notore Chemical Industries Plc made the list after submitting on April 5, 2023 its 2022 audited financials for the year ended December 31. The chemical company paid N500,000 penalty. PZ Cussons Nigeria Plc, another default filer of the 2022 audited financial statement for the year to May 31, 2022 paid N4.8million. It filed the result on October 18, 2022.
Ecobank Transnational Incorporated also made the list after defaulting in filing its 2022 third-quarter (Q3) unaudited financial statement for the period to December, 2022. It on December 1, 2022 filed the scorecard, paying N3.2million penalty. John Holt Plc which also defaulted in submitting its 2022 audited account statement for the period to September 2022 paid penalty of N3.2million. It submitted the audited result on January 30, 2023.
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