Conoil, Capital Oil others face NSE hammer over late results filing

Temitope Adebayo

Some oil companies including, Conoil Plc, Capital Oil plc, insurance companies, Microfinance banks, among others risk heavy sanction by the Nigerian Stock Exchange (NSE) for late filing of their financial year, ended December 31, 2018 result and accounts.

Other companies expected to face NSE sanction include AIICO Insurance plc, Law Union And Rock Insurance Plc, R.T Briscoe (Nigeria) Plc, Veritas Kapital Assurance Plc, Union Homes Savings & Loans Plc, Fortis Microfinance Bank Plc, Aso Savings & Loans Plc and International Energy Insurance Plc.

Findings have shown that the above companies did not officially write to the management of the Exchange explaining the reason behind their late filing of accounts to the general public.

But while responding to an enquiry, the Managing Director, AIICO, Mr Edwin Egbiti explained that his company had submitted to the National Insurance Commission (NAICOM) before NSE deadline.

According to him, “Before NSE deadline, we were expecting feedback from NAICOM. Commission had raised issues concerning the results and it is been addressed by our Chief Financial Officer (CFO) in Abuja. We have responded to the query and expecting the outcome.”

Further checks, however, revealed that the insurance company did not submit a notice of the delayed filing of 2018 accounts as expected by the listed company.

Shareholders of the above companies, most especially, Conoil and Veritas Kapital Assurance have questioned the management yearly non-compliance to post listing rule that mandated promote filing of results.

The petroleum marketing company was sanctioned an accumulative N11.4 million for late filing of first quarter 2018 and half year account to the bourse.

Veritas Kapital Assurance was also sanctioned N10.4 million and N800 million for late filing of the first quarter and half year results of 2018 respectively.

Meanwhile, about 37 per cent or 52 companies out of 140 companies have not submitted 2018 financial year ended December 31, 2018, to the Exchange.

According to NSE X-compliance report, companies listed on Schedule 3 as companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial statements

and have Missed Regulatory Fillings (MRF) or are Awaiting Regulatory Approval (AWR) from their primary regulators.

“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 report explained.

The likes of Anino International Plc, Aso Savings & Loans Plc, FTN Cocoa Processors Plc, Nigerian German Chemical Plc, others are on NSE restructuring list.

Insight into companies that have released 2018 results revealed that most listed insurance companies have not complied but have written to NSE reason for delay in filing 2018 annual financial statement.