NSE fines six companies N6.4m for illegal publications
Six qouted companies have been fined as much as N6.4m by The Nigerian Stock Exchange for various publications without prerequisite approvals from the regulatory body.
Information obtained by NigerianEcho from the X Complaince report posted on the NSE website, showed that Julius Berger Nigeria Plc had the highest fine of N1.47m.
The company, according to the NSE, was fined for the non-disclosure of the substantial share-holding of Oasis Petroleum Company Limited in its 2011 Annual Reports and Account.
The fines were imposed on the companies for failing to obtain prior written approval from the Exchange before the publications.
Oasis Petroleum Company Limited holds 9.8 per cent of Julius Berger shares.
Honeywell Flour Mills Plc was fined N1.26m for the unauthorised publication of its Extraordinary General Meeting notice, while Sterling Bank Plc was fined N1.32m for the non-disclosure of its bond issuance to the Exchange, and N675,000 for non-compliance with the NSE directives.
The report also noted that Custodian and Allied Insurance Plc as well as Crusader Insurance Plc were sanctioned to the tune of N661,000 and N472,500, respectively for the publication of their notices of court-ordered meeting(s) without the NSE’s approval, while Wapic Insurance Plc was fined N496,125 for the publication of the appointment of its directors.
According to the NSE, “Quoted companies are required to obtain prior written approval from the Exchange before publication that affect shareholders’ interest are made in the media. In addition, companies are also required to disclose material information to the Exchange and publish some of that information in their annual reports.
“The companies mentioned above breached these provisions of the listing rules and were sanctioned accordingly.”
