15 February 2013

Nigeria: NSE to Fine 31 Coys N56.3 Million

Lagos — The Nigerian Stock Exchange (NSE) is set to fine 31 companies N56.3 million for failing to submit their 2011 and 2012 financial statements on time.

In recent times, the management of the NSE has been proactive in enforcing listing rules which many say is a major reason why confidence is fast being restored in the market.

One of the listing requirements for quoted companies is that their quarterly and full year reports must be submitted not later than 90 days after the close of a quarter or a financial year.

Topping the list of defaulters at the moment is John Holt Plc with a double fine of N3.4 million and N1.7 million amounting to N5.1 million.

It is believed that John Holt may yet cough out more money as it has continued to delay the presentation of its results to the Exchange due to its dwindling performance which has taken its toll on its financial fortunes.

The list of defaulters which is contained in the recent X-Compliance document released by the Exchange showed that Daar Communications Plc and Ikeja Hotels Plc will have to part with N3.4 million each.

The document listed 32 companies as guilty of failing to present their results within the stipulated time limit with John Holt's name appearing twice.

The insurance sector dominated the list as 14 insurance companies were affected. Linkage Assurance received the highest fine of N3.3 million while Equity Assurance, Standard Alliance, Mutual Benefits Assurance, Great Nigeria Insurance and African Alliance Insurance will have to pay N3 million each.

Other companies on the list include Co & I Leasing with N1.5 million, Costain with N2.85 million, Dangote Flour Mills with N0.4 million, Oando with N0.5 million, SCOA with N0.8 million, Union Bank N0.9 million and Wema Bank N2.7 million.

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