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NigeriaDecides2023

Ardova, Coronation Insurance, C&I Leasing, 9 others pay N78.6m penalty for default filing of financials

No fewer than twelve (12) listed companies on the Nigerian Exchange Limited (NGX) collectively paid N78.6million as penalty to the NGX Regulation Limited (NGX RegCo) for defaulting in filing their audited/interim accounts, the 2022 default filings report revealed.

These companies are Ardova Plc, Coronation Insurance Plc, C & I Leasing Plc, FBN Holdings Plc, Honeywell Flour Mills Plc, LASACO Assurance Plc, Notore Chemical Industries Plc, Union Bank of Nigeria Plc, Japaul Gold & Ventures Plc, Unity Bank Plc, Presco Plc and Veritas Kapital Assurance Plc.

Ardova Plc, foremost Nigerian integrated energy group paid the NGX RegCo penalty of N9.7million for default filing of its audited financial statement for year ended December 31, 2021. The result was filed on July 6, 2022.

Coronation Insurance Plc paid penalty of N9million for default filing of its audited financial statement for year ended December 31, 2021. For also defaulting in filing its first-quarter (Q1) to March 31, 2022 unaudited financial statement, Coronation Insurance Plc paid penalty of N5.9million. The insurance company filed the scorecard on July 29, 2022.

Also, C & I Leasing Plc which filed on July 25, 2022 its audited financial statement for year 2021 and first-quarter (Q1) unaudited financial statement paid penalties of N11.6million and N8.8million respectively for the financial statements.

FBN Holdings Plc filed its 2021 audited financial statement on May 25 while its first-quarter 2022 unaudited financial statement was filed on May 26. Both default filings attracted N5.5million and N2.6million penalties respectively.

Read also: Lafarge records highest half-year profit in 11 years

These penalised companies were disclosed in the X-Compliance Report, a transparency initiative of NGX Regulation Limited, designed to maintain market integrity and protect investors by providing compliance related information on all listed companies.

The 13 companies listed in the schedule 6 of the report either filed their audited and interim financial statements or both after the regulatory due date. As a result, the NGX RegCo applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (Issuers’ Rules).

Others are Honeywell Flour Mills Plc which paid penalty of N1.2million for filing its third-quarter (Q3) 2021 financials on February 11, 2022. The company’s full year ends on March.

Another insurance company, LASACO Assurance Plc paid N5.3million penalty for filing its 2021 audited financial statement on May 24, 2022. Notore Chemical Industries Plc paid N900,000 penalty for filing its 2021 audited financial statement on April 9, 2022.

Union Bank of Nigeria Plc paid N1.2million for filing its 2021 audited financial statement on April 12, 2022. Japaul Gold & Ventures Plc which filed its 2021 audited financial statement on April 28, 2022 paid N2.8million penalty.

In the same vein, Unity Bank Plc paid N3.6million and N600,000 respectively for filing its 2021 audited financial statement and first-quarter unaudited financial statements on May 6, 2022.

Presco Plc which filed its 2021 audited financial statement on May 23, 2022 paid N4.9million penalty while its default filing of Q1 2022 unaudited financial statement attracted penalty of N200,000. Veritas Kapital Assurance Plc paid N4.8million penalty for defaulting in filing its 2021 audited financial statement. The company filed the financial scorecard on May 23, 2022.

Companies that are listed on the 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 disclosure, as well as on-going material information disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market. The X-Compliance Report is updated every Friday at the close of market.

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