The Nigerian Stock Exchange (NSE) has slammed fines totaling N56.3 million on 31 companies which failed to submit their 2011 and 2012 financial statements on time, the News Agency of Nigeria (NAN) reports.

NAN reports that X-Compliance report released by the NSE showed that John Holt topped the list of affected companies with a double fine of N1.7 million and N3.4 million.

John Holt is to pay the fines for failing to submit its 2011 and 2012 financial results.

The NSE also fined 14 insurance companies for failing to submit their financial results with Linkage receiving the highest fine of N3.3 million.

Others insurance companies are Equity Assurance, Standard Alliance, Mutual Benefits Assurance, Great Nigeria Insurance and African Alliance Insurance, among others.
>>>More updates @ www.Naijavlog.com

They are to pay N3 million each.

The report also said that Daar Communications and Ikeja Hotels would pay the sum of N3.4 million fine for failing to comply with the NSE listing requirement.

Other companies are C&I Leasing (N1.5million), Costain (N2.85million), Dangote Flour Mills (N0.4million), Oando (N0.5million), SCOA (N0.8million), Union Bank (0.9million) and Wema Bank (N2.7million), among others.

The NSE said in the report that the action was in accordance with the provision of Section 14 of Appendix 111 of the Listing Rules of the Exchange.

NAN reports that the NSE is now proactive in enforcing its listing rules in recent times to ensure prompt submission of market information by quoted companies and restoration of investor confidence.

NAN also reports that one of the listing requirements for quoted companies is that their quarterly and full year reports must be submitted not later than 90 days after the close of a quarter or a financial year.

WHAT IF THEY DID NOT PAY THE MONEY? U CAN SE THAT SOME OF THEM CANT PAY SHAREHOLDERS JOST 0.05 AND U ASK THEM TO PAY 3.SOMETHING ?

Flaunting pls correct