No fewer than 34 listed companies on the Nigerian Exchange paid a cumulative N540.37 million in penalties for late submission of financial statements during the 2024/2025 compliance cycle, with insurance firms accounting for over 70 per cent of the total sanctions.
This is according to the latest X-Compliance Report released on February 20, 2026, by NGX Regulation Limited.
The report details governance and disclosure lapses across sectors, while also highlighting companies that met regulatory deadlines ahead of schedule.
The sanctions were imposed for defaults in filing both audited annual financial statements (AFS) and interim unaudited financial statements (UFS), in line with the Exchange’s Rules for Filing of Accounts and Treatment of Default Filing.
Of the N540.37 million total:
- N353.74 million was for late audited annual financial statements
- N186.63 million related to delayed interim (quarterly) filings
Audited accounts attract stricter deadlines and heavier penalties once companies exceed the stipulated cure period.
Sectoral analysis shows that 13 insurance firms collectively accounted for N378.7 million, representing 70.1 per cent of total penalties.
Among the highest sanctioned insurers were:
- Mutual Benefits Assurance Plc – N67.44 million
- African Alliance Insurance Plc – N48.6 million
- Universal Insurance Plc – N47.1 million
- Regency Alliance Insurance Plc – N28 million
- International Energy Insurance Plc – N26.2 million
- Sovereign Trust Insurance Plc – N24.8 million
- Prestige Assurance Plc – N12.1 million
- Cornerstone Insurance Plc – N10.2 million
Market analysts say the concentration of sanctions within the insurance segment reflects persistent reporting delays and governance weaknesses in parts of the industry.
The oil and gas sector ranked second, with three defaulting entities accounting for N110.2 million, or 20.4 per cent of total penalties.
Leading the segment was Oando Plc, which paid N95 million in multiple filing penalties, nearly three times the N27.4 million paid by Conoil Plc.
Breakdown of some sanctions includes:
- Oando paid N7.9 million for late filing of its 2024 audited accounts submitted on June 4, 2025.
- Conoil paid N6.5 million for a similar breach filed on June 18, 2025.
- TotalEnergies Marketing Nigeria Plc paid N600,000 after filing earlier on April 6, 2025.
- Oando was fined N41 million for late submission of its 2023 audited results filed on November 1, 2024.
- Additional penalties were imposed for delayed Q1 2025 and 2024 interim filings.
Seven banking and financial services firms recorded a combined N96.3 million in penalties, largely tied to interim filing delays rather than multi-year audited defaults.
Companies such as Fidelity Bank Plc, Jaiz Bank Plc, and First HoldCo Plc were among those with comparatively lower aggregate sanctions.
Other sectors, comprising 11 companies, accounted for N45.2 million.
