By Richard ABANGWU InvestAdvocate
Lagos (INVESTADVOCATE)-First Bank of Nigeria Plc (FBN), Unity Bank Plc, Multiverse Plc and Costain West Africa Plc were fined the sum of N4.7 million for failing to obtain the Nigerian Stock Exchange’s (NSE’s) prior written approval before publication in year 2012.
This is contained in schedule seven (7) of the X-Compliant Report of the NSE date April 08 2103 and made available to InvestAdvocate in Lagos Nigeria.
A breakdown of these shows First Bank was fined N2.1 million for Notice of Extra Ordinary General Meeting, Unity Bank was fined N1.543 million publishing a Notice of Divestment of Holdings of the Bank from its non-banking subsidiaries.
Others are Costain West Africa fined N575, 505 for announcing the appointment of an External Auditor and Multiverse Plc fined N496,125 for publishing the appointment of Directors to the Company; making it a total of N4,715, 130 as fine for non-compliant to the NSE’s listing rules.
Similarly, the Nigeria’s Exchange fined four (4) Companies N2.8 million for publication without NSE’s prior written approval in 2013.
A breakdown of this shows that Custodian and Allied Insurance Plc was fined N661, 500 for publishing a Notice of Court Ordered Meeting without NSE’s prior written approval.
Another Insurance Firm, Crusader Insurance Plc was fined N472, 500 for the same reason as Custodian and Allied. While Wapic Insurance Plc was fined N496, 125 for publishing the appointment of Directors without the NSE’ written prior approval.
Honeywell Plc was slammed N1.26 million for unauthorised publication of an Extra-Ordinary General Meeting (EGM), making it a total of N2,890,125 as penalty for Companies announcing to the public vital information without the NSE’s prior written approval for 2013.
The NSE has said that every Listed Company is required to provide The Exchange with timely information to enable it efficiently perform its function of maintaining an orderly Market.
According to the NSE, in accordance with the provisions of Appendix 111 of the Listing Rules, Quoted Companies are required to obtain prior written approval from The Exchange before publications that affect shareholders’ interest are made in the media.
Also, the Nigeria’s Exchange says that Companies are required to disclose material information to it and publish some of that information in their Annual Reports.
The NSE affirms that Companies listed in schedules six and seven breached these provisions of the Listing Rules and were sanctioned accordingly. “The Exchange applied the sanctions prescribed in Rules and the Companies have discharged their financial obligations†the NSE said.
Click here to download NSE’s X-Compliant Report as at April 08 2013
(Reporting by Richard ABANGWU, editing by Peter OBIORA)
