Seven companies cough out N16.7m for violating post listing rule

The sum of N16.7 million has so far been paid by seven companies that breached post listing rule of the Nigerian Stock Exchange (NSE) on timely filing of audited financial statements.
Guinea Insurance accounted for about 12 per cent of the amount with N10.7 million for defaulting in filing first quarter, second quarter and third quarter 2016 results, as well as for defaulting in filing 2015 audited financial statements.

Guinea Insurance paid N6.900, 000.00 for default in filing three quarterly results in 2016, while for delay in filing its 2015 audited financial statements, the company was also sanctioned N3.800,000.00.
Daar Communications Plc followed with sanction of N4.200,000.00 for inability to file audited 2015 financial statements as at when due, in keeping with post listing rule of the NSE.

Capital Oil was sanctioned N1.000,000.00 for breach in filing 2016 audited financial statement, while Fidelity Bank was also sanctioned N700,000.00 for delayed filing of audited financial stamen for the period ended 31 December 2016.

Dangote Flour Mills was sanctioned N500, 000, 00 for default in filing 2016 audited financial statements for the period ended 31 December 2016, while Unity Bank also coughed out N500, 000.00 for failing to comply with the NSE post listing rules, which requires that listed companies must file their audited financial statements for the year ended 31 December 2016, on or before the end of 31 March 2017.