At least eight banks and 18 other listed companies in Nigeria have been collectively fined N125 million for their failure to submit their 2022 audited financial statements and quarterly reports for the first half of 2023, as mandated by the Nigerian Exchange (NGX).
Among the banks that faced sanctions were Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated.
The regulatory rules of NGX dictate that quoted companies must submit their audited results within 90 calendar days or three months after the relevant period has ended.
Additionally, interim reports are required to be submitted within 30 calendar days after the end of each relevant period.
FBN Holdings, for instance, was fined for both the delay in submitting its 2022 financial results and its quarter one report for 2023, resulting in total fines of N6.3 million and N3.3 million, respectively.
Unity Bank faced similar penalties, paying N6.4 million for a delay in submitting its 2022 results and N3.4 million for the delay in its Q1 2023 interim reports.
Other banks such as Fidelity Bank, Guaranty Trust Holdings, Wema Bank, and Access Holdings faced fines ranging from N1.4 million to N2.7 million.
Meanwhile, Jaiz Bank, Ecobank, and John Holt faced penalties of N600,000, N3.2 million, and N3.2 million, respectively.
Non-bank companies like PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc were also affected. GSK, which had announced the closure of its operations in Nigeria, paid a fine of N1.3 million for failing to file its 2022 financial results as required.
Other companies, including Regency Alliance Insurance, Thomas Wyatt Nigeria, NPF Microfinance Bank, Daar Communications, Champion Breweries, and Abbey Mortgage Bank Plc, were fined varying amounts, ranging from N1.2 million to N4.9 million, for the same offense.
Furthermore, Presco Plc, Ardova, Universal Insurance Plc, Conoil, Caverton Offshore Support Group, Briclinks Africa Plc, Telecommunications services firm, and more were also among the companies fined for non-compliance with the filing regulations.