NSE to sanction Unity Bank, 31 others over financial accounts compliance issue
As the deadline for quoted companies to submit their audited report and accounts for the year ended December 31, 2015 expired last week, there are strong indications that the Nigerian Stock Exchange (NSE) may sanction Unity Bank and 31 other listed companies over non compliance.
Post-listing rules at the NSE require quoted companies to submit their earnings reports, not later than three months after the expiration of the period.
Most quoted companies including banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31of every year.
NSE’s regulatory filing calendar indicates that the deadline for submission of annual report for companies with Gregorian calendar business year ended March 31 and an extension of one month was given which was April 30, 2015.
The data available to Business247 show that there is high compliance from quoted companies on timely submission of results, as at April 29, 2016, 32 companies or 27 per cent of the 118 quoted companies with December 31, 2015 as financial year are yet to submit their results, as 73 per cent have submitted theirs.
It is a known fact that capital market is information driven and some companies having performed poorly in their results will wait for the next quarter to cover up for the poor performance of the previous quarter.
In ensuring that investors are not misled in their investment decision, the NSE enforced its rules and regulations, especially the post-listing rules that define the integrity of the market as it tags and applies fines on companies that fail to meet earnings reports’ deadline.
In the last three years, NSE X-compliance report showed that 39 companies have been fined N110 million over delayed results.
Companies that are yet to submit their 2015 audited results, included Unity Bank, Stanbic IBTC, and Skye Bank Plc under the Banking sub-sector.
The likes of Stanbic IBTC had written to NSE that its 2015 accounts will be concluded on or before 31 May 2016.
Also, 12 insurance companies have not submitted theirs. They are African Alliance, Cornerstone Insurance, Equity Assurance, Great Nigeria Insurance, Guinea Insurance, Lasaco Insurance, Linkage Insurance, Mutual Benefit Insurance, Niger Insurance, Royal Insurance, Sovereign Trust Insurance and Standard and Allied Insurance.
Others are Oando, Premier Paints, Presco, R.T. Briscoe, A.G. Leventis, Abbey Mortgage among others.
Over time, capital market operators and shareholders associations have called for stronger regulatory oversight for listed companies.
According to them, with shareholders having limited opportunities to interact with the management and boards of companies in which they have investments, it is up to the regulators to ensure that the companies operate based on the highest standards.
The Managing Director of GTI Securities Limited, Mr. Tunde Oyekunle, said, “We acknowledge the efforts of the present leadership of the NSE to enforce the rule on companies’ rendition of audited accounts. The zero tolerance and imposition of fine for default companies is in order. Strict monitoring and enforcement of the NSE rules have become expedient to act as a deterrent to intending offenders.
He pointed out that the current reforms in the capital market have aimed at strengthening corporate governance and transparency by all companies listed on the exchange, saying that there should be no laxity to ensure safety of public funds.
By our Correspondent
I just want to tell you that I’m all new to weblog and certainly savored this blog. Very likely I’m going to bookmark your website . You really come with perfect article content. Appreciate it for sharing with us your web site.
I just want to tell you that I’m new to blogging and certainly savored your web page. Very likely I’m going to bookmark your website . You definitely come with good well written articles. Thanks a bunch for revealing your website page.
I just want to say I’m very new to blogging and absolutely savored this web-site. Most likely I’m want to bookmark your site . You actually have great articles. Many thanks for sharing your web page.
I simply want to mention I am just all new to weblog and certainly loved your page. More than likely I’m going to bookmark your website . You surely have outstanding writings. Appreciate it for sharing with us your website.
I just want to say I’m beginner to weblog and actually loved this web site. Probably I’m want to bookmark your site . You actually come with superb articles and reviews. Many thanks for revealing your blog.
I simply want to tell you that I’m newbie to blogs and actually savored your web-site. Probably I’m going to bookmark your blog post . You amazingly come with wonderful posts. Thanks a lot for sharing your web page.
I just want to mention I am just newbie to blogs and truly savored you’re web-site. Most likely I’m planning to bookmark your website . You definitely have awesome writings. Thanks for sharing your website page.
I simply want to tell you that I’m beginner to blogs and definitely liked your web page. Almost certainly I’m likely to bookmark your blog post . You really have perfect article content. Kudos for revealing your web page.
I just want to say I’m very new to weblog and definitely loved your web-site. Probably I’m planning to bookmark your website . You actually come with amazing posts. Thank you for sharing with us your website.
I simply want to mention I’m beginner to blogging and site-building and seriously loved you’re web page. Very likely I’m want to bookmark your blog . You definitely have perfect article content. Thanks a bunch for sharing with us your web page.
I simply want to tell you that I’m very new to blogging and honestly savored your page. More than likely I’m likely to bookmark your blog . You actually come with really good articles. Bless you for sharing with us your webpage.
Simply desire to say your article is as amazing. The clarity in your post is simply spectacular and i could assume you are an expert on this subject. Well with your permission let me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please continue the enjoyable work.
very nice post, i certainly love this website, keep on it
Interesting article. It is quite unfortunate that over the last years, the travel industry has had to tackle terrorism, SARS, tsunamis, bird flu, swine flu, as well as first ever entire global economic depression. Through it all the industry has proven to be solid, resilient and dynamic, discovering new approaches to deal with difficulty. There are constantly fresh troubles and opportunities to which the industry must yet again adapt and respond.
Good post. I be taught something more difficult on different blogs everyday. It’s going to all the time be stimulating to learn content from other writers and apply a bit of one thing from their store. I’d favor to use some with the content on my weblog whether or not you don’t mind. Natually I’ll offer you a hyperlink in your web blog. Thanks for sharing.
Wow in actual fact a great post. I like this.I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch because I found it for him. Overall, Lots of great information and inspiration, both of which we all need!
Well, I really liked your blog, it is in my bookmarks. I think my site you will like it too. http://www.homedecorated.net
Well said, 100 agree.
I was very encouraged to find this site. I wanted to thank you for this special read. I definitely savored every little bit of it and I have you bookmarked to check out new stuff you post. http://www.homedecorated.net
Brilliant, thanks, I will bookmark you now.
Usually I do not post on blogs, but I would like to say that this article really forced me to do so! Thanks, really nice article.
LIke your site. Do you want to trade links.
I’ll gear this review to 2 types of people: current Zune owners who are considering an upgrade, and people trying to decide between a Zune and an iPod. (There are other players worth considering out there, like the Sony Walkman X, but I hope this gives you enough info to make an informed decision of the Zune vs players other than the iPod line as well.)
What you said was very reasonable. However, think on this, suppose you wrote a catchier title? I ain’t saying your information is not solid., however suppose you added something that makes people want more? I mean BLOG_TITLE is a little plain. You ought to look at Yahoo’s home page and see how they create news headlines to grab viewers interested. You might try adding a video or a pic or two to get readers interested about what you’ve got to say. In my opinion, it would bring your posts a little livelier.|
QuickBooks support phone number $$1844722^^6675 QuickBooks support and help by expert proadvisor and call now number +1+844+722+6675. Let us know, chat with us. Intuit point of sale support, ((1((844))722((6675))),Intuit phone help, ((1((844))722((6675))),Intuit help desk, ((1((844))722((6675))),Quickbooks help desk, 1844.722.6675Quickbooks payroll support number, ^^1^844^722^^6675,Quickbooks payroll support, ^^1^844^722^^6675,Quickbooks premier support, ^^1^844^722^^6675,Quickbooks premier support phone number, ^^1^844^722^^6675,Quickbooks POS support, ^^1^844^722^^6675,Intuit technical support phone number, ((1((844))722((6675))), Intuit support phone number, ((1((844))722((6675))),Intuit POS support number, ((1((844))722((6675))),Intuit point of sale support, ((1((844))722((6675))),Intuit phone help, ((1((844))722((6675))),Intuit help desk, ((1((844))722((6675))),Quickbooks help desk, 1844.722.6675
Thank you for the good writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! By the way, how could we communicate?
This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.
Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.
Aloha, I found your blog on Bing Weblogs and think it is pretty intriguing and delivers fantastic material. Thank you regarding this superb post, I will certainly promote this on Twitter. Have a pleasant day on interior design ideas for home and office
I admire the beneficial information and facts you provide in your posts. I will bookmark your blog and have my children examine up right here often. From: home interior decoration design ideas
You’re so cool! I don’t think I have read a single thing like that before. So wonderful to find someone with genuine thoughts on this issue. Seriously.. many thanks for starting this up. This web site is something that is required on the internet, someone with some originality!|
Hiya! You some kind of professional website hosting? Great message. Are you able to tell me learn how to subscribe your blog?
I really surprised of the info that you’ve have actually shared. I know you have actually helped a lot of people with this write-up.
I really surprised of the info that you have actually have actually shared. I understand you’ve aided a great deal of individuals with this article.
I truly surprised of the info that you’ve have actually shared. I understand you have actually helped a great deal of individuals with this short article.
I actually impressed of the details that you have actually have actually shared. I recognize you have actually assisted a lot of people with this post.
Hey, thanks for sharing I always look forward to reading your posts one of the few blogs I still follow home decorated
Interesting, I wonder what the statistics are on your first point there on homedecorated
Never Ever give up: Even though you fail initially; Dont manage to get a great deal of views at first, do your self a favour, do not give up.
I’m curious to find out what blog platform you happen to be utilizing? I’m having some small security problems with my latest blog and I would like to find something more secure. Do you have any recommendations?
Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You obviously know what youre talking about, why throw away your intelligence on just posting videos to your blog when you could be giving us something informative to read?
Good – I should certainly pronounce, impressed with your site. I had no trouble navigating through all tabs as well as related information ended up being truly simple to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your customer to communicate. Nice task..
When was this posted?
Thanks for this!
2. Hope to see more of your work soon.
I’ve been absent for some time, but now I remember why I used to love this site. Thank you, I’ll try and check back more often. How frequently you update your web site?
download film terbaru sub indo has diamond like clarity and also in order for this to be striking you must use both that and.
whoah this blog is magnificent i really like reading your articles. Keep up the great work! You understand, lots of individuals are hunting around for this information, you can help them greatly.