NGX fines 34 listed firms N540m for late financial filings
Nigeria's 34 listed companies paid N540.37 million in penalties for late submission of financial statements during the 2024/2025 compliance cycle, with insurance firms accounting for 70.1% of sanctions. The NGX Regulation Limited's X-Compliance Report shows insurance companies collectively paid N378.7 million, while Oando Plc led oil and gas penalties with N110.2 million. Audited annual statements carry heavier fines than quarterly filings, with insurers like Mutual Benefits Assurance Plc facing N67.44 million penalties. Market analysts attribute persistent delays to governance weaknesses and fear of market reaction to poor results. The Exchange enforces penalties daily after cure periods, with trading suspensions for prolonged defaults.