The Nigerian Exchange Limited (NGX) has imposed N562.6 million in penalties on 32 listed companies for failing to meet financial reporting deadlines in the 2024/2025 financial year.
Details from the latest X-Compliance Report released by NGX Regulation Limited show that the sanctions stem from delays in filing both audited (AFS) and unaudited financial statements (UFS), including repeat and multi-year breaches.
Audited filings accounted for the larger share of sanctions at N371.8 million, while unaudited quarterly filings contributed N190.7 million, highlighting persistent compliance gaps across the market.
Insurance firms emerged as the biggest defaulters, with Mutual Benefits Assurance Plc, Universal Insurance Plc, Regency Alliance Insurance Plc, and Prestige Assurance Plc repeatedly cited for violations.
Among the most penalised companies:
- Oando Plc – N95 million
- Mutual Benefits Assurance Plc – N64.64 million
- International Energy Insurance Plc – N56 million
- Universal Insurance Plc – N47.1 million
- Regency Alliance Insurance Plc – N28 million
Other affected firms include Conoil Plc, First HoldCo Plc, Sterling Financial Holdings Plc, and Caverton Offshore Group Plc.
The report shows that while penalties for audited filings are typically higher due to statutory deadlines, breaches in quarterly (unaudited) filings are more frequent across sectors.
Banks and financial firms such as Fidelity Bank Plc and Jaiz Bank Plc recorded multiple infractions, while consumer goods companies like PZ Cussons Nigeria Plc and International Breweries Plc also faced sanctions.
The NGX said the compliance report remains a key tool for enforcing disclosure standards and protecting market integrity.
Under exchange rules, listed firms must file audited accounts annually and unaudited results quarterly within set deadlines. Defaults attract financial penalties.
Market analysts say the scale of sanctions, now exceeding half a billion naira, signals tougher regulatory enforcement, particularly against repeat offenders.
The trend, however, raises broader concerns about corporate governance and compliance discipline, especially in sectors with recurring violations.
