Banks, Companies Slapped with N125m Fine For Breaching Financial Reporting Rules

A strong  indication has emerged that a total of eight banks and 18 other prominent publicly listed companies have been hit with a substantial fine of N125 million for their failure to submit their audited financial statements for the year 2022 and quarterly reports for the first half of 2023, in line with the stipulations set by the Nigerian Exchange.


The financial institutions that faced the brunt of these penalties include Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated.


Furthermore, companies such as John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria, and Juli Plc also bore the consequences of the imposed sanctions.


The regulatory guidelines of the NGX mandate quoted companies to present their audited outcomes within 90 calendar days after the closure of the relevant period. Alongside this, interim reports are expected to be submitted no later than 30 calendar days following the termination of the corresponding timeframe.


According to the latest X – Compliance Report issued by the regulatory arm of the NGX, FBN Holdings has been fined for the delay in submitting its financial results for 2022 and its first-quarter report for 2023. FBN Holdings has consequently paid N6.3 million for the former violation and N3.3 million for the latter.


Unity Bank was also held accountable for not submitting its 2022 results on time, resulting in a fine of N6.4 million, in addition to N3.4 million for the delay in filing its Q1, 2023 interim reports.


Fines of N2.7 million, N1.4 million, and N1.9 million were paid by Fidelity Bank, GTCO, and Wema Bank, respectively, as penalties for their respective breaches.


Other financial institutions that were subjected to penalties include Access Holdings, Jaiz Bank, Ecobank, and John Holt, with fines amounting to N2 million, N600,000, N3.2 million, and N3.2 million, respectively.


The gravity of the fines extended to various sectors, including notable companies such as PZ Cussons, Notore Chemical, and GSK. GSK, which had already announced the discontinuation of its operations in Nigeria, was fined N1.3 million for its failure to meet the deadline for filing its 2022 financial results.


The regulatory measures did not spare others, including Industrial Medical and Gases Nigeria, Juli Plc, and NPF Microfinance Bank, which were met with fines of N1.2 million, N120,000, and N1.8 million, respectively.


Daar Communications, Champion Breweries, Abbey Mortgage Bank Plc, Regency Alliance Insurance, and Thomas Wyatt Nigeria were also slapped with penalties ranging from N1.4 million to N4.9 million for similar offenses.

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