The Nigerian Exchange (NGX) has sanctioned 15 companies over statutory audit infractions including late submission of audited and interim financial statements
They are to pay penalties totaling N123.17 million, the latest NGX RegCo X-Compliance Report shows.
Of the N123.17 million total, N87.30 million relates to audited accounts, while N35.87 million covers interim statements.
International Energy Insurance recorded the largest penalty at N28.20 million, followed by Caverton Offshore Support Group and Legend Internet.
Caverton accumulated N19.20 million in penalties across both reporting categories, while Legend Internet was fined N16.80 million.
The three companies penalized for the audit infractions, accounted for approximately 52.12% of the total penalties.
Caverton, NCR (Nigeria), Cornerstone Insurance, Jaiz Bank, Sterling Financial Holdings and Regency Alliance Insurance appeared in both categories, with combined fines of N56.10 million.
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Other companies listed include Oando at N10.40 million, Fidelity Bank at N4.20 million, Ecobank Transnational at N1.30 million, International Breweries at N1 million and PZ Cussons at N600,000.
The repeated appearance of some companies raises questions about the effectiveness of financial penalties in securing timely disclosures.
However, the list alone does not establish that any company deliberately withheld its financial statements or treated the penalties as a routine business expense, a Nairametrics report shows.
