NSE Penalties - Insurance Companies Take The Biggest Hits

Proshare

Tuesday, September 18,  2018 / 05:27 PM / Proshare Research

 

Insurance companies dominated the list of 2018 default filing as stated in the latest NSE X-Compliance Report last updated on August 24, 2018.                    

 

Out of forty-one (41) companies on the list, eleven (11) insurance firms made the list.

 

The penalty paid by the 41 companies stood at N227.1m while the penalty of N150.5m paid by the 11 insurance companies accounted for 66.3% of the total penalty.

 

Seven (7) banks also made the list with a penalty of N16.6m paid. They also accounted for 7.31% of the total penalty.

 

2018 DEFAULT FILINGS

AUDITED/INTERIM ACCOUNTS DEFAULT FILINGS

 

S/NO

NAME OF COMPANIES

FISCAL YEAR

PENALTY (N)

1

Abbey Mortgage Bank Plc

Audited 2017

         700,000.00

2

Academy Press Plc

Audited 2017

  35,000,000.00

3

AG Leventis Plc

Audited 2017

     2,700,000.00

4

Conoil Plc

Audited 2017

     5,900,000.00

5

Diamond Bank Plc

Audited 2017

     3,800,000.00

6

Diamond Bank Plc

Q1 2018

      1,100,000.00

7

Equity Assurance Plc

Audited 2017

     2,400,000.00

8

FBN Holdings Plc

Audited 2017

     2,100,000.00

9

FCMB Group Plc

Audited 2017

         100,000.00

10

Fidelity Bank Plc

Audited 2017

     2,700,000.00

11

Great Nigeria Insurance Plc

Audited 2017

     6,600,000.00

12

Great Nigeria Insurance Plc

Q1 2018

     3,700,000.00

13

International Breweries Plc

Audited 2017

         100,000.00

14

Linkage Assurance Plc

Audited 2017

     3,500,000.00

15

Meyer Plc

Audited 2017

     2,100,000.00

16

Mutual Benefit Assuarnce Plc

Audited 2017

     3,800,000.00

17

Mutual Benefit Assuarnce Plc

Q1 2018

     1,600,000.00

18

Niger Insurance Plc

Audited 2017

     8,500,000.00

19

Niger Insurance Plc

Q1 2018

     5,800,000.00

20

Presco Plc

Audited 2017

     1,000,000.00

21

Presco Plc

Q1 2018

         300,000.00

22

Royal Exchange Plc

Audited 2017

     1,800,000.00

23

Royal Exchange Plc

Q1 2018

     7,900,000.00

24

Sovereign Trust Insurance Plc

Audited 2017

     2,100,000.00

25

Sterling Bank Plc

Audited 2017

     1,300,000.00

26

Union Bank Plc

Audited 2017

     3,700,000.00

27

Union Bank Plc

Q1 2018

     1,000,000.00

28

Vitafoam Nigeria Plc

Audited 2017

         800,000.00

29

Wema Bank Plc

Audited 2017

         800,000.00

30

Universal Insurance Plc

Audited 2017

   10,600,000.00

31

Universal Insurance Plc

Q1 2018

     8,700,000.00

32

Universal Insurance Plc

Half Year 2018

         200,000.00

33

Veritas Kapital Assurance Plc

Audited 2017

   16,100,000.00

34

Conoil Plc

Q1 2018

   10,600,000.00

35

Conoil Plc

Half Year 2018

         800,000.00

36

Veritas Kapital Assurance Plc

Q1 2018

   10,400,000.00

37

Veritas Kapital Assurance Plc

Half Year 2018

         800,000.00

38

Cornerstone Insurance Plc

Audited 2017

   16,500,000.00

39

Cornerstone Insurance Plc

Q1 2018

   10,800,000.00

40

Standard Alliance Insurance Plc

Audited 2017

   13,900,000.00

41

Standard Alliance Insurance Plc

Q1 2018

   14,800,000.00

 

Total

 

227,100,000.00

Source: NSE X-Compliance Report


 

Proshare Nigeria Pvt. Ltd.


 

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