The Nigerian Exchange Group (NGX) has fined Ecobank Transnational Incorporated Plc, Notore Chemical Industries Plz, PZ Cussons Plc, and John Holt Plc for failure to comply with the financial statements filing from Q3 and Q4 2022 timeline based on the regulatory requirements.
The NGX, in its X-Compliance Report on the imposed N4.8 million on PZ Cussons Nigeria Plc for failure to file its 2022 audited financial statement as regulatory required while Ecobank Transnational Incorporated Plc and John Holt Plc were slammed with N3.2 million fine each for failure to file their unaudited financial statements for Q3 2022.
Also, Notore Chemical Industries Plc was fined N500,000 for failure to submit its audited 2022 financial statement for regulatory assessment and records.
In the report, the NGX stated that the measure was aimed at maintaining the stock market’s integrity and protecting investors by providing compliance-related information on all listed companies on the Nigerian Exchange.
It 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 promptly to enable it efficiently perform its function of maintaining an orderly market”, it added.
