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The Nigerian Stock Exchange (NSE) has sanctioned more companies for failing to meet the deadline for the submission of their audited report and accounts for last year.

 

A report seen by Naija247news indicated that a leading Nigerian bank will pay N2.1 million fine for the duration of its delay, Fidelity Bank Plc, which just released its results last week, N2.7million, Sovereign Trust Insurance Plc, N2.1 million, while Meyer Plc N2.1 million.

The Exchange also imposed sanctions on Presco and Sterling Bank, which were earlier found liable for the same act. Presco will pay N1 million fine for failing to submit its audited report within the deadline and another N300,000 for failing to submit its first quarter results for 2018. Sterling will pay another N1.3 million fine for the delay of its 2017 audited financial statements.

 

Naija247news had earlier reported exclusively that the Exchange sanctioned seven companies and reserved the penalty of 32 others, which sanctions were undergoing administrative review to determine what they will pay.

 

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