Business
Banks, 18 Others, Dined N125m For Late Filings
Published
2 years agoon
By
Editor
At least eight banks and 18 other listed companies have been fined N125m for failing to file their 2022 audited financial statements and quarterly reports for the first half of 2023 as required by Nigerian Exchange, The PUNCH findings have revealed.
The affected banks were Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc and Ecobank Transnational Incorporated.
John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria and Juli Plc were also affected by the sanction.
According to the NGX’s post-listing rules, quoted companies are required to submit their audited results, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim reports not later than 30 calendar days after the end of the relevant period.
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Based on the latest X – Compliance Report issued by the regulatory arm of the NGX, FBN Holdings was fined for delay in submitting its 2022 financial results and its quarter one report for 2023. The lender paid N6.3m for the former offence and paid N3.3m for the latter.
For failing to submit its 2022 results on time, Unity Bank paid N6.4m and another N3.4m for the delay in submitting its interim reports for Q1, 2023.
The report showed that Fidelity Bank, GTCO and Wema Bank paid N2.7m, N1.4m, and N1.9m, respectively as fines.
While Access Holdings paid N2m, Jaiz Bank, Ecobank, and John Holt coughed out N600,000, N3.2m and N3.2m, respectively as penalties.
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The NGX fined PZ Cussons N4.8m, Notore Chemical paid N500,000 and GSK, which announced the closure of its operations in Nigeria also paid a fine of N1.3m for failing to file its 2022 financial results as and when due.
Others also sanctioned for delay in filing their 2022 audited accounts include Industrial Medical and Gases Nigeria, which paid a fine of N1.2m, Juli Plc paid a penalty of N120,000 and NPF Microfinance Bank paid a fine of N1.8m.
The regulator also sanctioned Daar Communications, paying N1.7m fine, Champion Breweries and Abbey Mortgage Bank Plc were also fined N1.6m and N1.4m, respectively.
Regency Alliance Insurance and Thomas Wyatt Nigeria also paid N1.4m and N4.9m fines, respectively, for the same offence.
READ ALSO: Man Arrested With Fresh Human Corpse In Ogun
The NGX hammer also fell on Presco Plc (N24.8m); Ardova (N18.6m) and Universal Insurance Plc (N12.4) for flouting the filing regulations.
Conoil was also fined N7.9m for not filing its results within the stipulated period, while Caverton Offshore Support Group paid N5.7m as a penalty for the same offence.
Telecommunications services firm, Briclinks Africa Plc also cough out N590,000 fine during this period.
The Vice-chairman of Highcap Securities, David Adonri, said the fines were necessary to maintain the sanctity of the market.
“A lot of them relate to corporate disclosures. The capital market is information-driven. There is certain information that the listed companies must disclose at the appropriate time. If a company realised that it may not be able to disclose such information, the company can send a request to the exchange requesting additional time.”
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The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.
It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.
This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.
READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery
Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.
This means that the petrol pump price was increased by N65.
This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.
Business
Naira Appreciates Against Dollar As External Reserves Swell
Published
5 days agoon
August 5, 2025By
Editor
The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.
According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.
READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market
This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.
Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.
The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.
Business
Naira Continues To Appreciate Against Dollar On Official Market
Published
1 week agoon
August 1, 2025By
Editor
The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.
Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.
This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.
READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts
Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.
Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.
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