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33 Companies Disdain Stock Exchange Rules And Incur Penalties.

The companies that missed regulatory filling of their results to the Exchange for full year ended 2020 include seven active and 17 inactive companies.

listed companies on the Exchange are required to file their financial statements on a timely basis in accordance with the listing rules of the NGX. For annual audited financial report, listed companies are required to submit their reports three months after the end of the financial year.

They are: Niger Insurance Plc, Royal Exchange Plc, The Tourist Company of Nigeria Plc, Deap Capital Management & Trust Plc, African Alliance Insurance Plc, Royal Exchange Plc, Thomas Wyatt Plc.  Others include:  Roads Nigeria Plc, Nigerian German Chemicals Plc, Multi-Trex Intergrated Foods Plc, DN Tyre & Rubber Plc, Aso Savings & Loans Plc, Capital Oil Plc, Evans Medical Plc, International Energy Insurance, Resort Savings & Loans, Staco Insurance, Standard Alliance Insurance, Unic Diversified Holdings, Union Homes Savings & Loans, Juli Plc, Goldlink Insurance Oando Plc and Medview Airline Plc.

The top five companies that were sanctioned by the NGX for the defaults include: Niger Insurance Plc N42.2 million, FTN Cocoa Processors Plc N32.3 million, Union Dicon Salt Plc N18.3 million, R.T Briscoe Nigeria Plc N13.8 million and Lasaco Assurance Plc N9.0 million.

Meanwhile, the banks that were penalised by the Central Bank of Nigeria, CBN,Securities and Exchange Commission, SEC and Nigerian Stock  Exchange, NSE for regulatory contraventions in 2020 are: FCMB Plc N183.4 million, Fidelity Bank  Plc NN446.9 million, Stanbic IBTC N277.0 million, Wema Bank N23.4 million, UBA Plc 636 million, Zenith Bank Plc N11.0 million, First Bank Nigeria Plc N204.9 million. Others include:  Sterling Bank N34 million, Access Bank N464.2 million and Unity Bank Plc N35 million and Union Bank Nigeria Plc N10 million.

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