37 quoted firms pay N95m for late submission of accounts

By ABDUL-KHALIQ OLALEKAN

A total of 37 listed companies on the Nigerian Stock Exchange (NSE) paid a sum of N95 million fines for late submission of their financial results for 2013, 2014 and 2015 to the Exchange can now reveal.

A data sourced by Business247 from the NSE revealed that nine companies defaulted in submission of their 2013 accounts, 23 firms, among which some of them defaulted in 2013, were also penalized for late submission of their 2014 accounts, while 15 listed equities, of which some of them also defaulted in submission of their 2014 accounts, committed the same offense in their 2015 quarterly financial statements to the Self Regulatory Organisation (SRO).

This doesn’t include the fines, running into several billions of Naira, paid to the other regulatory agencies, such as the Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM), Corporate Affairs Commission (CAC), Financial Reporting Council of Nigeria (FRC), among others.

While some of them are loss-making institutions, most of those that were able to declare dividend among them only declare meagre dividend.

Leading the pack is DN Tyre and Rubbers, who paid N12.7 million as monetary sanction for late submission of its 2014 account and first, second and third quarters and 2015audited financial statements to the regulatory authority. Its share price has been fluctuating in the last two years, as the operating environment in the manufacturing sector becomes unbearable for the manufacturing firm.

Following closely is Guinea Insurance Plc which paid N2.9 million, N1.6 million, N300,000 and N2.8 million , totalling N7.6 million for late submission of its unaudited results for first, second and third quarters of  2015 and 2014audited accounts. The company, for the past three years, has not been able to declare dividend or bonus, as its losing streak continues. Moreover, its invisible brand and low Corporate Social Responsibility, as well as low adoption of insurance by Nigerians, were the major factors that dictate its fate.

Oando Plc, on the other hand, came third, paying N6.2 million fines for late submission of its 2014 account, first and second quarter of 2015 financial statements. Though, the price of its shares has appreciated over time, its profit margin has not been that fantastic when compared to the profit posted by other listed oil companies.

Daar Communication paid N6 million as fines for late submission of its 2013 accounts to NSE. The company has had it rough since it was listed on the floor of the Exchange few years back, with its shares trading below expectation.

Great Nigeria Insurance (GNI) Plc came fifth paying N5.6 million for late submission of its 2014 account, even as for the past five years, there has not been major crowd-pulling project the firm has embarked upon. This is affecting its image, as shareholders continue to dump its shares.

African Alliance paid N4.2 million for late submission of 2013 account, so is Universal Insurance Plc, which equally paid N5.3 million for the same infraction, even as Mutual Benefits Assurance Plc paid N2.7 million for the same offence, and also paid N900,000 and N200,000 for default in submission of its 2014 account and half year 2015 respectively.

African Alliance Insurance Plc paid N4.2 million for violating the submission deadline in its 2013 financial year, even as Regency Assurance Plc, Staco Insurance Plc and Niger Insurance Plc paid N700,000 each for late submission of their 2014 accounts.

NEM Insurance Plc coughed out N300,000 for late submission of 2014 account, so is LASACO Assurance Plc and Equity Assurance Plc, which paid N400,000 and N500,000 respectively for the same infraction.

Great Nigeria Insurance Plc paid N5.6 million for late submission of 2014 account, with Guinea Insurance Plc paying, N2.9 million, N1.6 million, N300,000 and N2.8 million for late submission of its first, second and third quarters of 2015 and 2014 audited financial statement.

In the same vein, Linkage Assurance had to remit N900,000 as fines for failing to submit its 2014 account as at when due to NSE, with Standard Alliance Insurance Plc, paying N1.8 million and N600,000 for infraction in submission of its 2014 account and half year 2015 financial statement, while Equity Assurance Plc paid N100,000 for going against the account submission deadline in its  2015 account.

A sum of N3.7 million was paid as monetary sanction to the Exchange by Aso Savings for late submission of its 2013 account and Resort Savings & Loans was not pardoned by the regulator for committing same offense as it paid N4.3 million fine to NSE as well.

Nigerian Enamelware, on the other hand, paid N1.6 million for late submission of its 2013 account, C& I Leasing was penalized to the tune of N1.3 million for late submission of its 2014 account, so also was RT Briscoe, which paid N1.6 million as infraction in the 2014 financial year, while Vita foam Nigeria Plc paid N1.4 million and N1.8 million for default in its unaudited third quater2014 account and second quarter of 2015 account respectively.

Studio Press coughed out N900,000 as fines for submitting its 2013 and 2014 accounts late to NSE respectively. Equity Assurance Plc paid N500, 000 for late submission of its 2013 account, even as Japaul Oil and Gas and Fortis Microfinance Bank paid N400,000 each for late submission of their 2014 account. Fortis also paid N200,000 for failure to submit half year 2015 account before deadline.

Nigeria Ropes paid N100,000 for default in its 2014 account submission deadline, NASCON paid the same amount for late submission of its Half Year 2015 account, while Ecobank paid N200,000 for late submission of its 2015 account.

UNIC Diagnostic paid N100,000 for late submission of its half Year 2015unaudited  financial statement;  Multiverse Plc paid N1.5 million for late submission of 2014 financial statement, Flour Mills cough out N300,000 for first quarter 2014 late account submission , even as Arbico Plc was fined to the tune of N1.8 million for committing the same offence.

Conoil Plc paid N1.8 million and N300,000 for late submission of  its 2014 and third quarter  2014 financial statements. Omoluabi Savings & Loans was fined N1.6 million for failure to meet account submission deadline in 2014, while Elah Lakes Plc paid N100,000 for late submission of its second quarter account for 2015.