In a resolute stance on regulatory adherence, First Bank and a cohort of 18 other entities have collectively incurred fines totaling 125 million Naira for their failure to comply with specified regulations. The Nigerian Exchange Group (NGX) imposed the fines following their failure to file audited financial statements and quarterly reports as mandated for the year 2022 and the initial half of 2023.
First Bank, one of Nigeria’s foremost banking institutions, finds itself among the penalized entities for its misstep in regulatory compliance. Additionally, notable names such as Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated, have all been held accountable for their regulatory non-compliance.
Moreover, this stringent enforcement extends to other industry sectors as well. Companies like John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc have all faced fines due to their failure to meet their regulatory obligations.
The foundation for these actions is grounded in NGX’s post-listing rules, which explicitly mandate quoted companies to submit their audited financial results within 90 calendar days, or roughly three months, subsequent to the closure of the fiscal period. These regulations further necessitate the submission of interim reports within 30 calendar days after the culmination of the relevant period.
The NGX’s regulatory arm recently published an X-Compliance Report that casts light on the penalties levied on various entities. In the case of First Bank, it incurred fines for delays in submitting its 2022 financial results and its Q1 2023 report. Notably, other banks and companies, including Unity Bank, Fidelity Bank, GTCO, Wema Bank, Access Holdings, Jaiz Bank, Ecobank, John Holt, PZ Cussons, Notore Chemical, and GSK, have faced similar penalties for their regulatory deviations.
This stringent enforcement of fines underscores the pivotal role of timely and accurate financial reporting in maintaining the trust and credibility of the financial market. The enforcement of these fines also highlights the seriousness with which regulatory bodies approach non-compliance.
By imposing these fines, the NGX aims to reinforce the sanctity of the financial landscape and underscores the significance of adhering to regulatory guidelines. As market participants continue to grapple with evolving challenges, maintaining transparency and accountability remains paramount.