For failing to submit their company’s results on time, 8 Nigerian banks have been fined a total of 102.7 million naira by the Nigeria Stock Exchange, NSE.

The Exchange launched its new sanction regime for the delay in submission of companies’ results on January 1, 2018, saying companies might pay fines ranging from 100,000-naira to more than 100 million naira as penalties for delay in the submission of their corporate earnings reports.

So, here is a bit of a background. The NSE requires quoted companies, that is companies listed on the Nigeria Stock Exchange to file their unaudited quarterly accounts not later than 30 calendar days after the relevant quarter.

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The account should also be published within five business days after the date of filing in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication.

Under the new rules, late submission attracts 9 million naira in the first 90 days, 18 million naira in the next 90 days and 400,000 naira per day until the date of submission.

Data obtained from the NSE revealed that the total amount of fines due this year was 341.6 million naira, while the carried forward amount of last year was 424.9 million naira, bringing the total amount due from fines to 766.5 million naira.

Of the eight banks sanctioned, Unity Bank Plc owed the highest amount of 80.2 million naira.

At different times this year, the bank was fined 200,000 naira; 9.8 million naira, 29 million naira, and 40.7 million naira.

Diamond Bank Plc followed as the second highly sanctioned bank with a 7.3 million naira fine.

The bank had an outstanding fine of 2.4 million naira from 2017, added to the 3.8 million naira and 1.1 million naira fines it received at different times this year.

Fidelity Bank Plc followed, with a 6.2 million naira fine, the breakdown of which showed a carried forward amount of 700,000 naira from 2017.

Union Bank was fined 4.7 million naira for late filing of its audited 2017 and first quarter 2018 financial statements, while FBN Holdings Plc was fined 2.1 million naira for failing to file its audited 2017 financial statements as and when due.

Sterling Bank Plc, Wema Bank Plc, and First City Monument Bank Plc were fined 1.3 million, 800,000 naira and 100,000 naira respectively for late filing of their audited 2017 financial statements.

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