The Nigerian Exchange Limited (NGX) has imposed fines on three listed companies—,African Alliance Insurance Plc NCR (Nigeria) Plc, and eTranzact International Plc—for failing to meet audited financial statement submission deadlines.
African Alliance Insurance Plc faces the largest penalty of N48.6 million for its delayed 2022 financial report submission. Meanwhile, eTranzact International Plc and NCR (Nigeria) Plc were fined N700,000.00 and N200,000.00, respectively, resulting in a collective fine of N49.5 million.
Market analysts commend NGX’s proactive measures, believing they will bolster adherence to listing regulations and enhance securities pricing accuracy. Mike Eze of Crane Securities Limited emphasizes the importance of timely reporting for investor decision-making.
Sunny Nwosu, founder of the Independent Shareholders Association of Nigeria (ISAN), stresses the necessity of regulatory compliance for shareholders to assess companies’ financial health accurately.
Boniface Okezie, President of the Progressive Shareholders Association, welcomes NGX’s firm stance on enforcing regulations, highlighting the need for a robust investment environment.
In its X-Compliance Report, NGX underscores the significance of high disclosure standards for maintaining market integrity. The Exchange urges listed companies to promptly release financial information for an orderly market.
NGX’s decisive action signals its commitment to fortifying Nigeria’s capital market and boosting investor confidence in the regulatory framework.
