Modupe Gbadeyanka
By Modupe Gbadeyanka
Two companies trading their shares on the floor of the Nigerian Stock Exchange (NSE), Union Bank of Nigeria Plc and Afromedia Plc, have been fined by the management of the exchange.
A regulatory document sighted by Business Post at the weekend showed that the two companies were fined a total of N600,000.
While Union Bank received a fine of N200,000 from the NSE, Afromedia was slapped with a sanction of N400,000.
The main reason for the punishment, according to the NSE, was for the late filling of the companies’ audited financial statements for the year ended December 31, 2018.
The NSE stated that the two quoted firms were sanctioned “in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).
Business Post reports that Union Bank filed its 2018 audited account for the year ended December on April 2, 2019, one month more than the period it was supposed to submit the results.
For Afromedia, it was expected to submit is audited 2018 financial scorecard for the period ended September, but it filed it on April 3, 2019.
