Banks, 18 Others, Fined N125m For Late Filings

At least eight banks and 18 other listed companies have been fined N125m for failing to file their 2022 audited financial statements and quarterly reports for the first half of 2023 as required by Nigerian Exchange findings revealed.

The affected banks were Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc and Ecobank Transnational Incorporated.

John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria and Juli Plc were also affected by the sanction.

According to the NGX’s post-listing rules, quoted companies are required to submit their audited results, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim reports not later than 30 calendar days after the end of the relevant period.

Based on the latest X – Compliance Report issued by the regulatory arm of the NGX, FBN Holdings was fined for delay in submitting its 2022 financial results and its quarter one report for 2023. The lender paid N6.3m for the former offence and paid N3.3m for the latter.

For failing to submit its 2022 results on time, Unity Bank paid N6.4m and another N3.4m for the delay in submitting its interim reports for Q1, 2023.

The report showed that Fidelity Bank, GTCO and Wema Bank paid N2.7m, N1.4m, and N1.9m, respectively as fines.

While Access Holdings paid N2m, Jaiz Bank, Ecobank, and John Holt coughed out N600,000,  N3.2m and N3.2m, respectively as penalties.

The NGX fined PZ Cussons N4.8m, Notore Chemical paid N500,000 and GSK, which announced the closure of its operations in Nigeria also paid a fine of N1.3m for failing to file its 2022 financial results as and when due.