The Nigeria Exchange Limited (NGX) has placed a N10m fine on four quoted firms over their failure to submit their financial statements in due time.
The companies include Presco Plc, Japaul Gold & Ventures Plc, Honeywell Flour Mills Plc and Notore Chemical Industries Plc.
The companies were sanctioned during the current financial year 2022 for their inability to meet the regulatory requirements ranging between Q1’ 2021, FY’2021 and the first quarter of 2022.
Presco Plc led with N5.1 million of the fines while Japaul Gold & Ventures Plc followed with a fine of N2.8 million, Honeywell Flour Mills Plc got N1.2 million fine and Notore Chemical Industries Plc trailed with N900,0000.
The Exchange in its X-Compliance report explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.
The report thus stated that “Companies that are listed on the Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.
“Financial information which is periodic disclosure and on-going material events disclosure should be released to The Exchange promptly to enable it efficiently perform its function of maintaining an orderly market,” NGX said in its report.
