More companies are defaulting in filling their financial statements at the Nigerian Exchange Limited NGX. As at end of first half 2021, H1’21, 33 of them defaulted, up by over 103 percent from 16 last year.
This comes as 11 banks made a payment of N2.3 billion in penalties for various regulatory infractions in the financial year ended December 2020.
Listed companies on the Exchange are required to file their financial statements on a timely basis in accordance with the listing rules of the NGX. For annual audited financial report, listed companies are required to submit their reports three months after the end of the financial year.
The Exchange showed that a total of N190.6 million was imposed as sanctions for flouting the post listing requirement this year as against N99.8 million last year, representing 122 per cent increase.