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Indications have emerged that Nigerian Exchange Limited (NGX) has recently fined Union Bank Plc, 1.5 million for failure to file their financial statements after the regulatory due date.
Investigation shows that the company was sanctioned during the current financial year 2022 for their inability to meet the regulatory requirements ranging between FY’2021 and the first quarter of 2022. Union Bank Plc trailed with N1.2 million.
The Exchange in its X-Compliance report explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.
The report thus stated that “Companies that are listed on the Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.
“Financial information which is periodic disclosure and on-going material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market”.
NGX RegCo applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of NGX (Issuers’ Rules)
Union Bank Plc got N1.2 million fine for 2021 audited accounts.
