NSE Fines Eight Banks N102 Million

• NSE Fines Eight Banks N102 Million

The Nigerian Stock Exchange has fined eight banks a total of N102.7 million for failing to file their financial results as at due date.

Data from the Exchange showed Unity Bank Plc owed the most amount, N80.2 million.

This year alone, the bank has been fined N200,000, N9.8 million, N29 million and N40.7 million. Also, in 2017 the bank was fined N500,000 for filing its audited 2016 financial results late.

Diamond Bank Plc followed with N7.3 million fine, while Fidelity Bank Plc, Union Bank, FBN Holdings Plc, Sterling Bank Plc, Wema Bank Plc, and First City Monument Bank Plc were fined N6.2 million, N4.7 million, N2.1 million, N1.3 million, N800,000 and N100,000, respectively.

According to the Exchange, the new sanction implemented on January 1, 2018 will help compel companies to regulatory date and reduce delay in submission of financial results.

The NSE new sanction requires listed companies to file unaudited quarterly reports not later than 30 days after the relevant quarter, publish the report in two national newspapers and post the published report on the company’s website.

Report from the Exchange revealed that a total fine of N341.6 million was levied on companies this year, while the carried forward amount was N424.9 million, bringing the total amount due to N766.5 million.