Financial statement: NSE imposes N5.2m fine on 4 companies

Posted by News Express | 27 May 2020 | 340 times

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The Nigerian Stock Ex- change (NSE) has need Deap Capital Management & Trust Plc, Thomas Wyatt Plc, and two other companies N5.2 million for default fling in the year so far.

The NSE said the companies fled their audited and interim financial statements after the regulatory due date and were therefore sanctioned in accordance with the Rules for Filing of Accounts and Treatment of Default Filing.

The Exchange had expected the companies to their financial statements for the second and third quarters of 2019 and 2020, during which Greif Nigeria Plc and Ellah Lakes Plc also defaulted. Deap Capital Management & Trust Plc was fined N3.8 million for the late filing of its 2019 full year audited result, which it sub- mitted on February 5, 2020 while Thomas Wyatt Nige- ria Plc also failed to fle its third-quarter result at the expected time and was fined N700,000. Greif Nigeria Plc, on its part, received a fine of N500,000 for failing to file its 2019 financial statement as at when due while Ellah Lakes Plc was hit with  N200,000 fine.

According to the Exchange, the sanctions were applied in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).

Meanwhile the NSE says it foresees an increased inclination from governments and corporates to raise capital in the domestic market, particularly through bonds and secondary market issances despite the increasing number of COVID-19 cases.

The Exchange’s Chief Executive Officer, Oscar Onyema, while sharing some of the efforts of the NSE during the African Stock Exchanges panel session at the Brand Africa 100 Launch in commemoration of Africa Day 2020, said a lot of activities across diverse asset classes were seen in the capital market.

“Since we transitioned to seamless remote trading and working in response to COVID-19, we have seen a lot of activity across diverse asset classes. Investors have enjoyed dividend payouts in double digits in the equities market; attained relative safety in the fixed income market; and are reaping strong returns in alternative asset classes like the Newgold ETF. On the part of the issuers, while there continues to be activity in the primary market, we foresee an increased inclination from governments and corporate to raise capital in the domestic market, particularly through bonds and secondary market issuances”, Onyema said. (Daily Sun)

 

 

 

 


Source: News Express

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