PZ Cussons, Infinity Trust Mortgage Bank… NGX Penalises 6 Firms Over Late Filing And Non-Disclosure Of Information

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8 banks, 18 other listed companies to pay N125m fine for failing to file 2022 Reports
8 banks, 18 other listed companies to pay N125m fine for failing to file 2022 Reports

The Nigeria Exchange Limited (NGX) says three listed companies have violated its rules on unauthorised publications and non-disclosure of material information.

This is contained in the exchange’s X-Compliance Report dated March 17, 2023.

The X-Compliance Report is a transparency initiative of NGX Regulation Limited (NGX RegCo), which is designed to maintain market integrity and protect investors by providing compliance related information on all listed companies.

Every listed company is required to provide NGX with timely information to enable it efficiently perform its function of maintaining an orderly market.

PZ Cussons, Infinity Trust Mortgage Bank… NGX Penalises 6 Firms Over Late Filing And Non-Disclosure Of Information

Multi-Trex Integrated Foods Plc and Infinity Trust Mortgage Bank Plc were sanctioned to undergo mandatory compliance training (MCT).

Meanwhile, the NGX imposed a fine of N453,600
on Guinea Insurance Plc for failing to utilise the issuers’ portal to file sensitive information.

“In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’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 NGX RegCo before publications that affect shareholders’ interests are made in the media or via the Issuers’ Portal,” NGX said.

“In addition, companies are also required to disclose material information to NGX and publish the information in their Annual Reports.”

Three firms namely PZ Cussons Nigeria Plc, Ecobank Transnational Incorporated, John Holt Plc were also sanctioned for filing their audited and interim financial statements after the regulatory due date.

The exchange imposed a fine of N4.8 million on PZ Cussons Nigeria Plc, while Ecobank Transnational Incorporated and John Holt Plc were fined N3.2 million, respectively.