Late Accounts Submission: NSE Fines First Bank, FCMB, 10 Others N49m

By Dipo Olowookere

First Bank, First City Monument Bank and 10 other companies listed on the trading floor of the Nigerian Stock Exchange (NSE) have been fined a total of N49.1 million for failing to file their financial statements within the stipulated period expected of them.

The other affected firms include Abbey Mortgage Bank, Academy Press, Fidelity Bank, International Breweries, Meyer Plc, Presco, Sovereign Trust Insurance, Sterling Bank, Vita Foam and Wema Bank.

A breakdown of the fine showed that First Bank was asked to pay N2.1 million, Fidelity Bank to pay N2.7 million, Sovereign Trust Insurance to pay N2.1 million and Sterling Bank, N1.3 million.

Also, Academy Press is expected to pay N35 million, Meyer Plc to pay N2.1 million, Presco to pay N1.3 million, Vitafoam to pay N800,000 and Wema Bank to pay N800,000.

Furthermore, Abbey Mortgage Bank was told to pay N700,000, First City Monument Bank – N100,000 and International Breweries to pay N100,000.

According to the NSE listing rules, quoted companies are expected to submit their financial year-end result latest by 90 days after the end of each year, while the quarterly results are also expected to be submitted at most 60 days after the end of each quarter.