By Dipo Olowookere
One of the companies listed on the Nigerian Stock Exchange (NSE), Animo International Plc, has been asked to pay the sum of N41 million as fine for contravening one of the listing rules.
Animo International has interest in the production of items for personal or industrial purposes, assembling and sales of automobiles, sales of electrical and electronics, civil engineering contracting and food and beverages.
The company received such huge monetary sanction for late filing of its audited financial statements for four different fiscal years; 2015, 2016, 2017 and 2018. The firm only submitted the last batch this month. As a result of this, the NSE placed a fine of N41 million on the organisation.
It was gathered that the punishment was applied in accordance with the rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange also known as the issuers’ rules.
Business Post reports that Animo International is presently undergoing delisting after the NSE received an approval of its Committee of the National Council to proceed with the process of removing the company from its trading platform.
The company was listed on the NSE on January 2, 1990 and its shares were last traded on the NSE at 25 kobo per share. The company has a market capitalisation of N6.1 million.
Adedapo Adesanya