According to Post-listing rules at the Nigerian Bourse, quoted companies must submit their earnings’ reports, not later than three months after the expiration of the period.
NSE’s regulatory filing calendar indicates that the deadline for submission of annual report for companies with Gregorian calendar business year ended December 31, 2015 was Thursday, March 31.
However, findings have revealed that at least 35 companies have failed to meet this deadline and as such, they may be sanctioned by the Exchange.
A report at the weekend indicated that the Exchange has so far this year imposed sanctions totaling N31.6 million on three companies. The companies included Great Nigeria Insurance, N11.3 million; DN Tyre & Rubber, N7.5 million and Daar Communications, which was slammed with N12.8 million.
The NSE had imposed 50 monetary sanctions on some 30 quoted companies in 2015 over their failure to meet the extended deadline for the submission of their audited reports and accounts for their business year.
The fines ranged from N100, 000 to N6 million.
