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NSE fines 15 companies N38.1 million over default filings

By on December 11, 2013

The Nigerian Stock Exchange, NSE, has wielded the big stick on fifteen companies for filing their 2012 financial statements after the due regulatory date.

Information gathered from the website of the Nigerian bourse, in its X-Compliance report that was released for the month of December, showed that the fifteen defaulting companies have been fined a total sum of N38.1 million.

It was gathered that sanctions were applied on erring companies by the NSE in accordance with the provisions of Section 14 of Appendix 111 of the listing rules.

Analysis of the companies involved showed that Premier Paints was fined N600,000, Consolidated Hallmark Insurance was fined N900,000, Studio Press Plc was fined N900,000, Conoil Plc was fined N1.5 million, Royal Exchange Plc was fined N2.6 million, C&I Leasing Plc was fined N2.8 million and Cornerstone Insurance Plc was fined N2.8 million.

Furthermore, Sovereign Insurance Plc was fined N2.4 million, Eterna Plc was fined N2.6 million, Regency Alliance Insurance Plc was fined N2.5 million, Nigerian German Chemicals Plc was fined N6.8 million and Law Union and Rock Plc was fined N2.7 million.

Other companies affected are: Prestige Assurance Plc which was fined N2.9 million, Omatek Ventures Plc which was asked to pay N2.9 million and Equity Assurance Plc which is to pay N3.2 million.

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.