By Dipo Olowookere
Two insurance companies trading their shares of the floor of the Nigerian Stock Exchange (NSE) have been sanctioned by the market regulatory agency.
The two firms are LASACO Assurance Plc and Universal Insurance Plc. They were directed to pay a cumulative fine of N5.3 million by the NSE.
Business Post gathered that the two insurers were punished for failing to adhere to the rules guiding the listed companies on the exchange.
They specifically failed to file their audited and interim financial statements before the regulatory due date, which forced the NSE to apply sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).
For Lasaco Assurance, it submitted its first quarter financial results ended March 31, 2019 on August 1, 2019 and for this, the firm was fined the sum of N300,000.
On the part of Universal Insurance, it filed its audited full year statements for the year ended December 31, 2018 on August 6, 2019 and was fined N3.6 million for the delay.
It was further fined N1.4 million for submitting its Q1 2019 results for the period ended March 31, on August 6, 2019 and Q2 2019 statements for the period ended June 30, on August 6, 2019.
more recommended stories
Stock Exchange Extends Gains by N66bn
By Dipo Olowookere Equities on the.
President Trump’s Comments Boost Oil Prices
By Adedapo Adesanya Oil prices traded.
Unlisted Securities Market Records no Movement Thursday
By Adedapo Adesanya The market for.
Naira Depreciates to N362/$ at Black Market
By Adedapo Adesanya For the first.
Nigeria Launches Website to Check Beneficial Owners of Oil Assets
By Dipo Olowookere The Nigeria Extractive.
NNPC Lay Out Strategies to Curb Pipeline Vandalism, Oil Theft
By Adedapo Adesanya The Nigerian National.
South East, North East Attract $0 into Nigeria in Q3, South West Rakes $5bn
By Adedapo Adesanya Some days ago,.
Insurance Firms in Nigeria Largely Undercapitalised—Onyema
By Dipo Olowookere Chief Executive Officer.