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Account filling default: NSE fines Med-view, Fidelity, Conoil, Unity Bank, others N487m

Babajide Okeowo

The Nigerian Stock Exchange (NSE) has fined Conoil Plc, Unity Bank, Fidelity Bank, Med-View Airline, Union Bank, Flour Mills of Nigeria, Lasaco Assurance Plc, Academy Press Plc, and 37 others to the tune of N487.7 million over their failure to file their financial statements to the bourse. In its X-Compliance Report, which was released September 20, 2019, the NSE fined Academy Press the sum of N35 million for default filling of its 2017 audited account, the Stock Exchange has asked the management of Unity Bank to pay a total of N79.7 million over its failure to file 2017 audited, 2018 1st quarter and Half Year results to the exchange.

X-Compliance Report is a transparency initiative of NSE which is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.

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Companies that are listed on The Exchange are required to adhere to high disclosure standards which are prescribed in the Rulebook of The Exchange, 2015 (Issuers’ Rules), and other Rules of The Exchange, from time to time. Financial information which is periodic disclosure, as well as on-going material information disclosure should be released to The Exchange promptly to enable it efficiently perform its function of maintaining an orderly market. The X-Compliance Report is updated every Friday at the close of the market.

While FTN Cocoa Processors was fined N78.9 million, Union Dicon Salts, Universal Insurance, Niger Insurance, Union Bank, Veritas Kapital Alliance, Conoil and Standard Alliance were slapped with N30.8 million, N19.5, N14.3 million, N4.7 million, N27.3 million, N17.6 million, and N28.1 million fines among others for similar defaults.