Market Regulator, SEC, Fines Nigerian Banks and Companies N125 Million for Late Filings

Several prominent banks and listed companies in Nigeria are facing a total fine of N125 million for their failure to meet the Nigerian Exchange’s regulatory requirements regarding the submission of audited financial statements for 2022 and Q1 2023 reports.

Among the penalized banks are Unity Bank, FBN Holdings, Access Holdings, Fidelity Bank, Jaiz Bank, Wema Bank, Guaranty Trust Holdings Plc, and Ecobank Transnational Incorporated. In addition to banks, several other companies, including John Holt, PZ Cussons, and GlaxoSmithKline Consumer Nigeria, have also incurred sanctions.

The rules set by the Nigerian Exchange dictate that companies must submit their audited financial results within 90 days of the end of the respective period and interim reports within 30 days. These regulatory fines are deemed crucial for upholding market integrity and ensuring the timely disclosure of vital financial information.

This move aims to reinforce adherence to reporting deadlines and enhance transparency in the financial sector, which is fundamental to maintaining investor confidence and effective market operations.

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