Nigerian Exchange fines Presco, Japaul, two others N10 million for default filings

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The Nigerian Exchange Limited (NGX) has fined four quoted firms N10 million for failure to file their financial statements after the regulatory due date.

Investigation by Nairametrics showed that 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.

The companies include Presco Plc, Japaul Gold & Ventures Plc, Honeywell Flour Mills Plc and Notore Chemical Industries Plc.

Further checks revealed that 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.

Breakdown of the fines

  • Presco Plc got a fine of N4.9 million for 2021 audited financials and N200,000 for Q1’2022 financials.
  • Japaul Gold & Ventures Plc penalised with N2.8 million fine for 2021 audited financials.
  • Honeywell Flour Mills Plc got N1.2 million fine for Q3’2021 financials.
  • Notore Chemical Industries Plc fined N900,000 for 2021 audited accounts.

What you should know

  • 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 in a timely manner to enable it efficiently perform its function of maintaining an orderly market.”

 

 

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