By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- The Nigerian Stock Exchange (NSE) has fined Sterling Bank Plc and First Bank of Nigeria Plc (FBN) a total of N3,423,000 million for breaching the provisions of its listing rules.

The NSE in its X-Compliance Report dated August 02, 2013 said Sterling Bank was fined N1, 323,000 million for non disclosure of bond issuance to the Nigeria’s Exchange.

The NSE rules stipulate 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.

Apart from the above, the NSE affirms that companies are also required to disclose material information to it and publish some of that information in their Annual Reports.

First Bank on its part was fined the sum of N2.1 million for publication without the NSE’s written approval in 2012 and the nature of publication was Notice of Extra-Ordinary General Meeting (EGM).