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80 companies fined for late filings

07 May 2014, 16:11

Lagos - For failing to submit their 2013 audited annual reports and accounts by the expiration of the extended deadline of April 30, 2014, about 80 quoted companies are currently paying a weekly fine of N100 000 to the Nigerian Stock Exchange (NSE) .

The NSE’s action is in accordance with the provision of Section 14 of Appendix 111 of the Listing Rules of the Exchange, which states that “any late submission of accounts shall attract a fine of N100 000 per week from the due date until the date of submission, reports The Nation.

Aside the fine, all the affected companies are now required to state in their subsequent annual report , details of contraventions and the sanctions imposed for such contraventions.

Some of the sanctioned companies include Dangote Flour Mill, Oando, Daar Communications, Capital Oil Plc, Mutual Benefit Assurance, Conoil, and R.T Briscoe.

Read more at The Nation.

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