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African Alliance, Sterling, VFD, 7 others sanctioned for late filing of results

African Alliance, Sterling, VFD, 7 others sanctioned for late filing of results

No fewer than ten (10) listed companies paid the NGX Regulation Limited (NGX RegCo) a total of N89.7million as penalties for late submission of their full year 2023 and quarterly results.

Topmost on the list of default filers is African Alliance Insurance Plc which paid N48.6million of shareholders money as penalty for late submission of year end 2022 audited financial statement (AFS).

Alliance Insurance Plc filed this result on November 22, 2023, according to the X-Compliance Report, a transparency initiative of NGX Regulation Limited (NGX RegCo).

Further look at the report shows that Sterling Financial Holdings Company Plc paid N6million for late submission of its audited financial statement for the year ended December 2023.

Read also: Sovereign Trust Insurance revenue grows 23% in 2023

The company submitted the result on May 29, 2024. Sterling Financial Holdings Company Plc also paid N2.9 million penalty for late filing of its Q1’2024 unaudited financial statement (UFS) which it submitted on May 29, 2024.

Also, VFD Group Plc paid N5.6million penalty for late submission of its audited financial statement for the year ended December 2023.

The company’s audited financial statement for the year ended December 2023 was submitted on May 25, 2024 according to the NGX RegCo enforcement report in the X-Compliance Report.

VFD Group paid another N2.5million penalty for late filing of its unaudited financial statement (UFS) for the first quarter (Q1) of 2024. It submitted the Q1 result on May 25, 2024.

FBN Holdings Plc which paid N5.4million for submitting its 2023 audited financial statement on 2023 on May 23, 2024. FBN Holdings also paid N2.7million for submitting its first quarter (Q1) 2024 unaudited financial statement on May 27, 2024.

UPDC Plc, another default filler paid penalty of N3.9million for late submission of its 2023 audited financial statement on May 8, 2024. The company also paid N800,000 penalty for filling its first quarter 2024 financial after the due date. UPDC Plc result was submitted on May 8, according to the NGX RegCo enforcement report.

The ten companies filed their Audited and Interim Financial Statements after the regulatory due date. The NGX RegCo applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (Issuers’ Rules).

Other companies and the penalties they paid for filing their full year 2023 financial after due date are: ABC Transport Plc (N3.2million) which submitted on May 1, 2024; Presco Plc (N3.2million) which filed the AFS on May 1, 2024; eTranzact International Plc (N700,000) which filed the 2023 AFS on April 8, 2024, and NCR (Nigeria) Plc (N200,000) which submitted its 2023 AFS on April 3, 2024.

Read also: Four insurance firms after-tax profit jumps almost seven-fold to N34.2bn

Another default filer is PZ Cussons Nigeria Plc which according to the report filed its 2024 second quarter (Q2) unaudited financial statement (UFS) on February 8, 2024. PZ Cussons Nigeria Plc paid a penalty of N4million, according to NGX RegCo enforcement report in the X-Compliance Report.

Companies that are listed on Nigerian Exchange Limited (NGX) are required to adhere to high disclosure standards which are prescribed in the Rulebook of NGX, 2015 (Issuers’ Rules), and other Rules of NGX, from time to time.

Financial information, which is periodic disclosures, as well as on-going material information disclosures, are to be released to NGX in a timely and immediate manner to enable it efficiently perform its function of maintaining an orderly market.