40 companies listed on the floor of the Nigeria Exchange Limited (NGX) have been fined a cumulative N1 billion due to different market infractions since 2020 to date.
Details of the fines were obtained from the X-Compliance report published by the Nigeria Exchange.
The X-Compliance Report is a transparency initiative of NGX Regulation Limited (NGX RegCo), which is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
Companies that are listed on the NGX are required to adhere to high disclosure standards which are prescribed in the Rulebook of the Exchange, 2015 (Issuers’ Rules), and other Rules of the Exchange, from time to time.
Financial information, which is a periodic disclosure, as well as ongoing material information disclosure should be released to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market. The X-Compliance Report is updated every Friday at the close of the market.
Most of the fines are for infractions bordering on the failure of companies to file their audited and interim financial statements after the regulatory due date.
Companies listed on the Exchange are required to file their quarterly accounts within 30 days after the end of the quarter in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules). Details of the quarterly filings can be downloaded from the released financials on the website.
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