Business

Audited reports: Wema Bank, others risk further sanctions

Published

8 years ago

April 16, 2018

By Odunewu Segun

Wema Bank plc and five other quoted companies have been fined N37.6 million by the Nigerian Stock Exchange for their failure to submit their audited interim financial accounts as at when due

Those sanctioned alongside Wema Bank which attracted N800, 000, National Daily gathered are:Vitafoam Nigeria Plc: N800, 000.00: Academy Press Plc: N35, 000,000.00: International Breweries Plc: N100, 000.00: FCMB Group Plc: N100, 000.00 and Abbey Mortgage Bank Plc: N800, 000.00

In the event of further delay in submitting their results, the NSE could decide to place the stocks on full suspension, like it did last year. This means there would be no trading of the shares of the affected companies.

About 38 companies were fined by the NSE for a total sum of N433 million for their failure to adhere to the minimum listing standards as regards the timely disclosure of their audited financial report for the year ended 2017.

According to the NSE X-Compliance Report released last week, the affected companies have either Missed Regulatory Fillings (MRF) or are Awaiting Regulatory Approval (AWR) of their primary regulators.

The biggest offenders in 2017 include: Ekocorp Plc: N75, 600,000.00: Universal Insurance Plc: N51, 400,000.00: Thomas Wyatt Plc: N46, 800,000.00: African Alliance Plc: N46, 100,000.00 and Great Nigeria Insurance Plc: N24, 800,000.00.

Listed companies are expected to comply with certain rules and regulations, including adherence to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.

Companies are expected to submit their financial year-end result latest by 90 days after the end of each year. Quarterly results are also expected to be submitted at most 60 days after the end of each quarter