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Firms Get 24 Hours Deadline to Submit Third Quarter Reports

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Stock - Investors King
  • Firms Get 24 Hours Deadline to Submit Third Quarter Reports

Companies quoted on the Nigerian Stock Exchange (NSE) have up till the close of business tomorrow to submit their financial statements and reports for the third quarter of this business year. Companies that fail to meet the deadline will be sanctioned and flagged with a red alert of poor corporate governance.

Several companies have not submitted their earnings reports and are, therefore, expected to submit the reports before the close of work tomorrow to avoid sanctions that range from N100,000 to N100 million.

More than half of the companies expected to submit their third quarter reports have not submitted as at the weekend, according to the tally provided by the NSE. Thirty eight companies had rushed through the last week to submit their third quarter reports.

Not less than 43 companies have been sanctioned so far this year with fines ranging from N100,000 to N35 million. Companies that delayed their financial statements and accounts also face threats of suspension and delisting in addition to the monetary fines. A total of 23 companies are currently under suspension for failure to meet earlier deadlines for earnings reports.

Under the extant rules at the Exchange, quoted companies are required to submit interim or quarterly report not later than 30 calendar days after the end of the relevant period. Most quoted companies including all banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year. The deadline for the nine-month period ended September 30, 2018 is thus Tuesday, October 30, 2018.

Quoted companies are also required to publish the earnings reports 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.

However, general waiver is usually given in the event of general disruption to industrial activities such as strike, national crises, many public holidays and other circumstances that in the judgement of the Exchange may significantly impact the 30-day timeline given to companies to prepare and submit the quarterly report. There were no general disruptions during the period under review.

Under the rules at the Exchange, late submission under the first instance of 90 days could attract N9 million, the additional period of 90 days will attract N18 million while such delay beyond the first 180 days to the next 180 days could attract as much as N72 million, bringing fines payable by a defaulting company within a year to N99 million.

Meanwhile, investors traded 1.45 billion shares worth N15.26 billion in 16,682 deals last week at the NSE as against a total of 1.38 billion shares valued at N15.15 billion traded in 14,033 deals two weeks ago.

The traditional most active financial services sector remained atop activity chart with 1.22 billion shares valued at N9.48 billion in 10,520 deals; representing 83.94 per cent and 62.11 per cent of the total equity turnover volume and value respectively. The conglomerates sector followed with 92.19 million shares worth N452.95 million in 719 deals while consumer goods sector ranked third with a turnover of 76.57 million shares worth N3.71 billion in 2,471 deals.

The three most active stocks were First City Monument Bank Plc, Access Bank Plc and Sterling Bank Plc. The three most active stocks accounted for 695.4 million shares worth N2.0 billion in 3,494 deals, representing 47.83 per cent and 13.10 per cent of the total equity turnover volume and value respectively.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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