The Nigerian Exchange Limited (NGX) has imposed fines totaling N562.6 million on more than 30 listed companies for breaching filing and disclosure regulations. The sanctions arise from the firms’ failure to submit their 2025 audited financial statements within the prescribed deadline, as detailed in the exchange’s latest X‑Compliance Report.
The penalties include monetary fines, suspension of trading rights and the threat of delisting for several issuers. Among the companies cited are STACO Insurance, Union Dicon Salt, Pharma‑Deko, FTN Cocoa Processors, Aluminium Extrusion Industries and Prestige Assurance. Several of these entities are currently undergoing restructuring, raising the likelihood that they may be removed from the market if compliance is not achieved promptly.
In addition to delayed filings, the NGX highlighted other infractions, such as unauthorised disclosures and trading activity conducted during closed periods. The report identified a number of public‑private partnership (PPP) companies that breached disclosure rules, prompting regulatory warnings.
The exchange also flagged structural concerns related to free‑float requirements. Companies that fall below the minimum free‑float threshold jeopardise market liquidity and may be subject to additional regulatory scrutiny. Aluminium Extrusion Industries and Prestige Assurance were noted as having free‑float levels below the required minimum, leading the NGX to grant temporary waivers while the firms work to restore compliance within a set timeframe.
NGX’s enforcement actions reflect its broader effort to strengthen corporate governance and protect investors. By imposing stringent penalties, the regulator aims to deter future non‑compliance and ensure timely, transparent reporting across the Nigerian capital market. Companies that have been fined are now required to file any outstanding statements, rectify disclosure breaches and meet the free‑float criteria to avoid further sanctions or possible removal from the exchange.
