They were sanctioned for contravening NGX’s rule on
financial statements filing for the full year ended December 31, 2022.
NGX post-listing rules require quoted companies 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
an interim report not later than 30 calendar days after the end of the relevant
period.
But in its X-Compliance report, the NGX disclosed that the
defaulting companies filed their audited financial statements after the
regulatory due date and NGX Regulation Limited (NGX Regco) applied sanctions by
the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of
NGX (issuers’ rules).
According to the report, PZ Cussons Nigeria Plc was the most
sanctioned company, followed by Caverton Offshore Support Group Plc.
They were sanctioned N4.8 million and N3.9 million
respectively for the untimely filing of 2022 financial results to the Exchange.
Others sanctioned are: Fidelity Bank Plc for N2.7million;
Guaranty Trust Holding Company Plc, N1.4million; Regency Alliance Insurance
Plc, N1.4million; Abbey Mortgage Bank Plc, N1.4million; Champion Breweries Plc,
N1.6million; Daar Communications Plc, N1.7million; NPF Microfinance Bank Plc,
N1.8million; Wema Bank Plc, N1.9million.
In addition, Access Holdings Plc was fined N2 million; Jaiz
Bank Plc, N0.6million; Juli Plc, N120,000; Industrial Medical & Gases
Nigeria Plc, N1.2million; Glaxo SmithKline Consumer Nigeria Plc, N1.3million;
Notore Chemical Industries Plc, N500,000; Ecobank Transnational Incorporated,
N3.2million and John Holt Plc, N3.2million.
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 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.”
Meanwhile, losses recorded in the shares of top
telecommunication player AIRTELAFRI (-6.0%), on the penultimate trading day of
the week, ensured the market closed lower, as the local bourse suffered its
second consecutive weekly loss. Specifically, the All-Share Index declined by
0.1 percent week-on-week to close at 52,107.55 points.
Consequently, the MTD loss moderated to -0.4 percent while
the year-to-date return settled at +1.8 percent. Activity levels were weak, as
traded volume and value declined by 16.2 percent week-on-week and 8.4 percent
week-on-week, respectively.
Sectoral performance was mixed as the Insurance (+5.2%),
Banking (+2.9%), and Consumer Goods (+1.9%) indices posted gains, while the Oil
and Gas (-1.7%) index declined. The Industrial Goods index closed flat.