NSE Fines Ekocorp, 29 Others N373 Over Non-compliance To Regulatory Requirements

The Nigerian Stock Exchange (NSE) has listed Ekocorp, Thomas Wyatt and Africa Alliance Insurance Plc leading the N372.5 million fine over inability to meet the Exchange regulatory requirements.
The Exchange imposed a fine of N372.5 million on 30 listed companies for inability to file in their financial statements ranging between full year ended December 31, 2014 and second quarter ended March 31, 2017.
Eyes Of  Lagos Investigation revealed that NSE fined Ekocorp, Thomas Wyatt and Africa Alliance Insurance N75.6 million, N46.8 million and N46.1 million respectively, totaling N174.4 million, which accounted for 46.8 per cent.
Also, for non-compliance on 2016 financial results, NSE sanctioned AG Leventis N2.9 million, Austin Laz N5.4 million, Capital Hotel N2.1 million, Capital Oil N 1.1 million, CWG N2.1 million, Diamond Bank N2.4 million, Fidelity Bank N 700,000, Fortis Micro Finance Bank N19.8 million, Guinea Insurance N11.6 million, Premier Paints N11.2 million, Royal Exchange N7.3 million, Standard Alliance Insurance N8.2 million and Unity Bank N500, 000.
The Exchange, in its X-Compliance report, explained that initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.
The report stated, “Companies that are listed on the Exchange are required to adhere to high disclosure standards, which are prescribed in Appendix 111 of the Listing Rules. Financial information, which is periodic disclosure and on-going material events disclosure, should be released to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.”
The NSE in an effort to achieve a world class capital market has reiterated its commitment to maintain zero tolerance posture on dealing member firms and quoted companies on violations of rules and regulations.
This on the back of the Exchange’s determination to shift gears to drive innovations centred on increasing global visibility for the Nigerian capital market in the current year.
The chief executive officer of NSE, Mr. Oscar Onyema, said recently that the Exchange will sustain a zero-tolerance stance on dealing member firms and listed companies’ violations to help boost the confidence in the market.
Capital market operators said that late filing has the potential to adversely affect the capital market and shareholders who invested in those companies.

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