Some of the biggest companies listed on the
Nigerian Stock Exchange are to be fined millions of naira for filing their
financial statements for the years 2011 and 2012 after the regulatory due dates.
In its X-compliance report
released yesterday, management of the exchange says the sanctions are in
accordance with provisions of Section 14 of appendix one hundred and eleven of
its listing rules.
While there are 32 companies
involved, some of the most prominent named in the report include: Dangote Flour
Mills, Oando, Conoil, Union Bank, Wema Bank, and Mutual Benefits Assurance.
Those to pay the highest
fines are Linkage Assurance, Equity Assurance, Standard Alliance, Mutual
Benefits Assurance, Costain, Unic Insurance, Guinea Insurance, Wema Bank, IPWA
and John Holt.
All 32 companies are to pay
a total sum of N56.3 million.
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