The Nigerian Stock Exchange has imposed a fine of N14.8m on Julius Berger Nigeria Plc, Costain (West Africa) Plc and six other quoted companies for various infractions.
The information obtained by our correspondent from the NSE’s X Compliance report listed the infractions to include unauthorised publications, non-disclosure of material information and default in filing financial information within the stipulated period.
A breakdown of the fine showed that International Energy Insurance Plc was fined N3.8m by the Exchange for filing its audited December 2011 financial results after the due date.
Costain (West Africa) also got a fine of N3.6m for late filing of its March 2012 audited results, while Mutual Benefits Assurance Plc was fined N3m for filing its audited December 2011 results after the due date.
Julius Berger was fined N1.470m for the non-disclosure of the substantial shareholding of Oasis Petroleum Company Limited in the 2011 Annual Reports and Account. Oasis Petroleum holds 9.8 per cent of Julius Berger’s shares.
Wapic Insurance Plc was fined N496,125 for a publication on the appointment of directors without the approval of the NSE.
Early this year, the Exchange had imposed a fine of N56.3m on 31 listed companies for failing to file their financial statements within the stipulated period.
The NSE said the sanctions were imposed on the companies because they filed their 2011 and 2012 financial statements after the regulatory due date.
