Lagos - As part of efforts to protect investors and make the stock market more attractive, the Nigerian Stock Exchange (NSE) is set to sanction quoted companies that fail to pay dividends after due dates.
The sanction to be imposed on such companies is a fine of five percent of the total dividend amount declared, reports ThisDay.
The new rule and other amendments are contained in the new regulations of the NSE for listed of companies.
The new regulations, which have been approved by the Securities and Exchange Commission (SEC). also stipulate a fine of N100 000 per week for late submission of accounts by companies.
Read more at ThisDay.
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