NSE Identifies Lafarge, Conoil, 32 Others As Companies That Fell Short of Minimum Listing Standard

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Tuesday, June 18, 2019 12:10 PM / Proshare Research / Header Image Credit: Dailytrust

 

The Nigerian Stock Exchange, in its latest X-Compliance Report of June 14, 2019, has identified thirty-four (34) companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial statements. 

These companies have either Missed Regulatory Fillings (MRF) or are Awaiting Regulatory Approval (AWR) from their primary regulators as indicated against each of the affected firms. 

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 penalty for this non-compliance states that: 

‘Notwithstanding that an Issuer takes the required steps during the cure periods or later complies with the provisions of these Rules, any Issuer that defaults in filing its accounts within the stipulated periods shall be liable to pay the applicable penalties stated above, except the affected Issuer had applied for and received from The Exchange, an extension of time to file outside the stipulated periods before the deadline for filing its accounts expired. 

An Issuer shall be liable to pay the following penalties for failure to publish accounts in two (2) national daily newspapers as required, or for failure to provide proof of publication, and for each instance of non-compliance with any directives of The Exchange issued pursuant to these Rules:

(a) a fine of fifty percent (50%) of its annual listing fee; and

(b) a fine of Twenty-Five Thousand Naira (N25,000) for every day the Issuer remains in default.’ 

Prominent among the companies listed are Lafarge Africa Plc which was state to have missed its regulatory filings, Conoil Plc also missed it regulatory fillings while Skye Bank which has been nationalised by the CBN and its name changed to Polaris Bank Ltd was also listed among the companies to have missed regulatory filings.


Download Here – X-Complaince Report: June 14 , 2019

Table: Companies That Fell Short Of The Minimum Listing Standards 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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