The Nigerian Exchange Limited (NGX) sanctioned 16 companies for various market infractions over a three‑year period, imposing a total fine of N779.5 million. The penalties stemmed primarily from failures to comply with post‑listing requirements, especially the timely filing of results and accounts.
In 2022, fourteen companies were fined a combined N170.6 million. These firms included ETI, FBN Holdings Plc, Union Bank of Nigeria Plc, Honeywell Flour Mills Plc, Unity Bank Plc, Presco Plc, Ardova Plc, C&I Leasing Plc, Coronation Insurance Plc, Royal Exchange Plc, PZ Cussons Nigeria Plc, LASACO Assurance Plc, Mutual Benefits Assurance Plc and Omatek Ventures Plc. Specific fines that year were N14.9 million for Coronation Insurance, N11.6 million for C&I Leasing, N9.7 million for Ardova, and N5.1 million for Presco. Honeywell Flour Mills received a N1.2 million penalty for missing the third‑quarter 2021 results deadline. Among financial institutions, ETI was fined N3.2 million, FBN Holdings N8.1 million, Union Bank of Nigeria N1.2 million, Fidelity Bank Plc N1.6 million (in 2021), and Unity Bank Plc N4.2 million. Omatek Ventures faced a substantial N85.3 million fine in 2022.
In 2021, the NGX imposed N586 million in sanctions on seven companies, while in 2020 three firms were fined a total of N22.9 million. LASACO Assurance alone incurred N29.2 million in penalties across the three years: N5.3 million in 2022 for not submitting its 2021 audited financial statements, N15.1 million in 2021 for failing to file first‑quarter 2021 and audited 2020 results, and N8.8 million in 2020 for not providing audited 2019 results and the first and second quarters of 2020.
The Information and Communications Technology firm Omatek Ventures was also fined N537.2 million for failing to submit audited results and accounts for 2015‑2018 to the investing public. Investors have largely avoided trading the stocks of several affected companies, and some, notably Omatek Ventures, have notified the Exchange of their intention to delist. In response, the NGX board approved reclassifying Omatek Ventures from the delisting watch list to a restructuring status, giving the company time to attract investors and reorganize its operations.
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