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Default filings: Wema Bank Plc, 16 others fined N20.9m by NSE

By on September 10, 2013

Wema Bank1The Nigerian Stock Exchange has fined Wema Bank Plc and 16 other companies a total sum of N20.9million for filing their 2011 and 2012 financial statements after the regulatory due date.

Information gathered from the website of the Nigerian bourse revealed that sanctions were applied on the financial institution and others in accordance with the provisions of Section 14 of Appendix 111 of the listing rules.

The report indicated that apart from Wema Bank Plc which was fined the sum of N1.1m, the United Bank for Africa(UBA) was also fined the sum of N200,000. The two banks were fined for default filings of their 2012 financial results.

In the Insurance Sector, International Energy Insurance Plc, Mutual Benefits Assurance Plc, Wapic Insurance Plc and AIICO Insurance Plc were affected.

They were fined N3.8million, N3million, N700,000 and N1.5million respectively for default fillings of their 2011 and 2012 financial statements.

In the Oil and Gas sector, MRS Oil Plc was fined N200,000 while Oando Plc was fined the sum of N600,000 for late filings of their 2012 statements.

The report further showed that Costain(West Africa)Plc was fined N3.6million, Transnational Corporation Plc was fined the sum of N300,000, May & Baker Plc was fined N200,000 and Dangote Flour Mills was fined N500,000.

Others are, Daar Communication Plc, Multiverse Plc, NCR Plc, Red Star Express Plc and Avon crown cap Plc.

They were fined N3.4million, N300,000, N900,000, N300,000 and N300,000 respectively.