NSE Fines Four Firms For Filing Defaults
The Nigerian Stock Exchange has fined Deap Capital Management & Trust Plc and three other quoted firms N6.9m for failure to file their audited financial statements after the regulatory due date.
Checks by our correspondent showed that the companies were sanctioned for their inability to meet the regulatory requirements ranging between third quarter 2019, full year ended December 31, 2019 and second quarter of 2020.
Apart from Deap Capital Management & Trust Plc, the other companies are Greif Nigeria Plc, Thomas Wyatt Nigeria Plc and Ellah Lakes Plc.
Further checks showed that Deap Capital Management & Trust Plc got N5.5m of the fines, accounting for about 79.71 per cent of the total fines for failure to file its 2019 audited financial statement and Q2 2020 unaudited statements.
Thomas Wyatt Nigeria Plc was fined N700,000 for third quarter 2019 default while Greif Nigeria Plc and Ellah Lakes Plc got N500,000 and N200,000 for default in filing 2019 audited result and Q2 2020 financial statement respectively.
The Exchange in its X-Compliance report explained that the initiative was designed to maintain market integrity and protect investors by providing compliance related information on all listed companies.