The Nigeria Exchange Limited (NGX) has penalised three listed companies for violation of 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 to perform its function of maintaining an orderly market.
Three firms — PZ Cussons Nigeria Plc, Ecobank Transnational Incorporated, John Holt Plc — were also sanctioned for reportedly 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.
The report said Multi-Trex Integrated Foods Plc violated NGX’s rule on submission of notice and other information documentation.
Infinity Trust Mortgage Bank Plc was said to have violated the provisions of rule 17.5 on price sensitive information, rulebook of the exchange 2015 issuers’ rules.
The bank also reportedly failed to disclose the confirmation of the appointment of its new managing director.
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 allegedly 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.”
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
