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X-Compliance: NSE toughens sanctions on Sterling Bank

By on September 9, 2013

sterling_bank_nigeria_yemi_adeola2The alleged failure of Sterling bank Plc to disclose bond issuance to the Nigerian Stock Exchange(NSE) is currently generating ripples as the Nigerian bourse has toughened sanctions on the bank.

The bank according to the NSE X-Compliance report dated September 6, 2013, was penalised for Non-disclosure of the material information to the Regulator.

The NSE through the report indicated that, “Sterling Bank Plc is yet to comply with its directives and that the financial sanction will continue to run pending until the Bank comply.”

The X-Compliance report is a transparency initiative of the exchange which is designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.

Companies listed on the floor of the exchange are required to adhere to high disclosure standards which are prescribed in appendix 111 of the listing rules.

Already, the capital market regulator has slammed a fine of N1.32million on Sterling bank and the bank is now operating BLS of the Exchange in the course of the year.

Efforts to speak with Sterling bank spokesman, Mr. Ayo Ashaolu, to get the bank’s side of the story was unsuccessful as his phone was switched off as at the time of filing this report.