First Bank Holdings Plc, Unity Bank Plc and Union Bank Plc have been fined N13.5 million by the Nigerian Exchange Limited (NGX) for failing to file their financial statements by the regulatory due dates.
Capital Market Authority listing rules state that public companies publish their quarterly financial statements 60 days after each quarter, while full-year results must be submitted 90 days after the end of the year. .
However, Unity Bank management, led by Oluwatomi Somefun, failed to submit full year financial results for 2021 and first quarter 2022 statements resulting in a total penalty of 4.2 million. the former being liable to a fine of 3.6 million naira, and the latter. costing the company N600,000.
First Bank also failed to submit both the first quarter 2022 financial statements and the results of last year’s fiscal year by the deadline, causing the capital market authority to penalize the lender, headed by Adesola Adeduntan, of N2.6 million and N5.5 million respectively. .
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Union Bank, headed by Emeka Okonkwo, has been fined N1.2 million for failing to publish its financial statements for the financial year 2021.
The sanction is expected to affect the earnings of Unity Bank, FBN Holdings and Union Bank, as well as investor confidence in their management to comply with capital market rules heading into the second quarter and second half of 2022.
Ripples Nigeria understands that the timely publication of financial statements helps investors in their decisions related to capital market transactions. Failure to do so puts shareholders and potential investors in the dark about corporate profits.
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