NSE fines Ecobank, First Bank N0.06bn

The Nigerian Stock Exchange (NSE) has sanctioned Ecobank Transnational Incorporated and First Bank of Nigeria Plc a total sum of N600,000 in 2015.

Both companies were sanctioned on the backdrop of failure to filed their December 31, 2015 audited financial statements after the regulatory due date.

For the same offence, Ecobank Transnational Incorporated was sanctioned N200,000 while First Bank of Nigeria was penalized N400,000.

The Exchange in its X-Compliance report explained that initiative was designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.

The report thus stated that, “Companies that are listed on The Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.

“Financial information which is periodic disclosure and on-going material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.”

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