Markets

Quoted Firms Have Tomorrow as Deadline to Submit Q3 Earnings Reports

Published

on

  • Quoted Firms Have Tomorrow as Deadline to Submit Q3 Earnings Reports

Quoted companies that have not submitted their operational reports and financial statements for the third quarter must submit their reports to the Nigerian Stock Exchange (NSE) before the close of work tomorrow in order to avoid poor corporate governance tag and sanctions that may range from N100,000 to about N100 million.

Regulatory filing calendar of the NSE at the weekend indicated that most quoted companies are mandatorily required to submit their interim earnings reports for the nine-month period ended September 30, 2017 on or before the close of work on Tuesday, October 31, 2017.

Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

Most quoted companies, including banks, major manufacturers, oil and gas, breweries and cement firms use the 12-month Gregorian calendar year as their business year. Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year.

NSE tags and applies fines on companies that fail to meet earnings reports’ deadline. The Exchange had on January 1, 2017 launched a new sanction regime for delay in submission of companies’ results. Under the new sanction regime, companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports.

Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.

Under the rules, quoted companies are required to file their unaudited quarterly accounts with the NSE not later than 30 calendar days after the relevant quarter, and publish it within five business days after the date of filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the newspaper publication. Where the company chooses to audit its quarterly accounts, it shall be required to file such accounts not later than 60 calendar days after the relevant quarter.

Exit mobile version