The Nigerian Stock Exchange (NSE) has disclosed that Aso Savings & Loans Plc, 15 other listed companies have failed to submit 2018 financial year result and accounts.
Our findings revealed that four insurance companies have failed to comply with the post-listing requirement of the NSE, while some are yet to submit over three years financial results to the bourse.
For instance, Aso Savings & Loans, has not submitted 2014 to 2018 to investing public.
According to the Exchange x-compliance report, “the Exchange has identified the companies listed on Schedule 3 as companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial statements and have Missed Regulatory Fillings (MRF) or are Awaiting Regulatory Approval (AWR) from their primary regulators.
“The sanctions for non-compliance with periodic financial disclosure obligations are clearly spelt out in the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).”
The following companies are yet to submit 2018, FTN Cocoa Processors Plc, Goldlink Insurance Plc, Capital Oil Plc ,Resort Savings & Loans Plc, International Energy Insurance Plc and Standard Alliance Insurance Plc.
Juli Plc as reported by the NSE is yet to filing December 31, audited financial statements for 2015 to 2018, Union Homes Savings & Loans Plc has also not submitted audited financial statements for 2014 to 2018.
Also, Unic Diversified Holdings Plc ad Evans Medical Plc have not submitted December audited financial statements.
Others are; Roads Nigeria Plc March with failure to submit 2016 to 2019 financial statements; Nigerian German Chemical Plc with March non-rendition of audited financial statements for 2014 to 2019; Multi-Trex Integrated Foods Plc April non-rendition of audited financial statements for 2015 to 2019 and DN Tyre & Rubber Plc September 30, audited financial statements for 2014 to 2019.
NSE had boosted its revenue with N143.6 million fines imposed on listed companies across banks, manufacturing, insurance sectors, among others between January and November of 2019 for failure to comply with post-listing requirement.
The X-compliance report disclosed that while three firms were fined over N8 million for non-disclosure of material information, 15 others were asked to pay N135 million for their failure to file their financial statements by the due date.
Every listed company is required to provide the Exchange with timely information to enable it efficiently perform its function of maintaining an orderly market. In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of The Exchange, 2015 (Issuers’ Rules) and The Exchange’s Circular No.
NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via The Issuers’ Portal, listed companies are required to obtain prior written approval from The Exchange before publications that affect shareholders’ interest are made in the media or via the Issuers’ Portal.