Indicted firms fined


NSE imposes N34.09m fine on indicted firmsArticle | October 2, 2012 – 12:31pm

The Nigerian Stock Exchange has imposed a total N34.09 million in fines on Costain (West Africa) Plc, First Bank of Nigeria Plc, John Holt Plc, Oando Plc, Conoil Plc and over 50 other companies.
The imposition of the fines followed an indictment for various infractions, ranging from publication of their activities without securing the approval of the NSE to late filing of their financial statements.
The NSE, in its latest X-Compliance report, 12 companies were fined N8.465 billion for not obtaining approval from the NSE before publicizing their activities in the media; 65 companies were also fined N6.652 billion, while another 18 were slammed with N16.8 billion for failing to submit their financial statements for the 2011 and 2012 financial statements and their quarterly results.
The regulator’s law required the aforementioned companies to provide it with timely information in order to enable it effectively carry out its duty of maintaining an orderly market.
?In accordance with the provisions of Appendix 111 of the Listing rules, quoted companies are required to obtain prior written approval before publications are made in the media,? it read. ?The companies contravened the provision of the Listing Rules and the Exchange applied the sanctions prescribed by the rules and the companies discharged their financial obligations.?
Mobil Oil Nigeria Plc and Lafarge WAPCO Plc were fined N1.016 million and N0.7 million respectively for the publication of their interim results in the media without approval, First Bank Nigeria Plc and Unity Bank Plc N2.1 million and N1.544 million for publishing notices of extraordinary-General meeting and divestment from non-banking subsidiaries respectively.
Guinea Insurance Plc 157 million for publishing its audited account without approval; Transnational Corporation of Nigeria Plc 763 million for publishing changes in its Board without NSE’s consent and Neimeth International Pharmaceuticals 181 million for publicizing the appointment of its Acting Chief Executive Officer without the knowledge of the NSE. Wema Bank 352 million; Honeywell Flour Mills Plc 647 million, Multiverse Plc 496 million and Diamond Bank Plc 406 million; for not securing approval before publishing the appointment of directors in their various Boards.
Costain N2.85 million fine for late submission of its audited financial statements for the year ended, March 31, 2012; C&I Leasing Plc N1.05 million for delay in the submission of its 2012 financial statements, due January 31 while John Holt Plc N1.7 million for failure to submit its 2011 financial statement, due September 2011 and also for failure to submit their 2011 financial statements, due December 31, Cornerstone Insurance Plc was fined N1.5 million; Conoil N1.2 million, while UnityKapital Assurance Plc, Niger Insurance Plc, Royal Exchange Plc, Union Bank Nigeria Plc and Universal Insurance Plc were fined N9 million each.
FTN Cocoa Plc 2 million, Dangote Flour Mills Plc 4 million, Regency Alliance Insurance Plc 5 million, Oando Plc 5 million, Premier Paints Plc 7 million and Scoa Nigeria Plc 8 million as well as other 31 companies that were fined between N2,857.14 and N0.245 million, totalling about N2.174 million, for failing to submit their full year and quarterly results.

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