Conoil Plc, Vitafoam Nigeria Plc and 12 other companies that filed their audited and interim financial statements late to the stock exchange have been slammed with N719.7 million fine by the Nigerian Exchange Limited (NGX).
The NGX said some of the companies were penalised for defaulting on the filing of their 2020 full year reports while others for late filings of first quarter 2021 reports.
The exchange in a report on Tuesday identified the defaulting companies as Conoil Plc, Vitafoam Nigeria Plc, Japaul Gold and Ventures Plc, Cornerstone Insurance Plc, Notore Chemicals Industries Plc and Unity Bank Plc.
Others are Meyer Plc, Afromedia Plc, FTN Cocoa Processors Nigeria Plc, NPF Microfinance Bank Plc, C & I Leasing Plc, , Juli Plc, Greif Nigeria Plc and Omatek Ventures Plc.
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The report stated that Japaul Gold and Ventures had been asked to pay a fine of N9.6 million for the late filing of its 2020 audited financial statements and first quarter of 2021 results, while Conoil was fined N6.1 million for 2020 audited results.
The NGX slammed Meyer N1.9 million for late filing of Q1 2021 results while Cornerstone Insurance got a fine of N4.5 million for not submitting 2020 audited results at the right time.
Afromedia was fined N3 million for 2020 audited results, and FTN Cocoa Processors fined N500,000 for default in filing Q1 2021 results.
Unity Bank, NPF Microfinance Bank Plc, C & I Leasing, Notore Chemicals Industries and Vitafoam Nigeria were fined N1.9 million, N1.6 million, N1.3 million, N200,000 and N200,000, respectively for filing their 2020 audited results after the regulatory due date.
Juli, which filed its audited financial statements of five years (2015 to 2019) in December last year, was slammed a total penalty of N151.2 million.
According to the report, companies that are listed on the NGX are required to adhere to high disclosure standards which are prescribed in the Rulebook of the Exchange, 2015, and other Rules of the Exchange, from time to time.
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