Financial statement: NSE imposes N5.2m fine on 4 companies

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THE Nigerian Stock Ex- change (NSE) has need Deap Capital Management &
Trust Plc, Thomas Wyatt Plc, and two other companies N5.2 million for default fling in the year so far.

The NSE said the companies fled their audited and interim financial statements after the regulatory due date and were therefore sanctioned in accordance with the Rules for Filing of Accounts and Treatment of Default Filing.

The Exchange had expected the companies to fle their financial statements for the second and third quarters of 2019 and 2020, during which Greif Nigeria Plc and Ellah Lakes Plc also defaulted.

Deap Capital Management & Trust Plc was fined N3.8 million for the late filing of its 2019 full year audited result, which it sub- mitted on February 5, 2020 while Thomas Wyatt Nige- ria Plc also failed to fle its third-quarter result at the expected time and was fined N700,000.

Greif Nigeria Plc, on its part, received a fine of N500,000 for failing to file its 2019 financial statement as at when due while Ellah Lakes Plc was hit with N200,000 fine.

According to the Exchange, the sanctions were applied in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).

Meanwhile the NSE says it foresees an increased in- clination from governments and corporates to raise capital in the domestic market, particularly through bonds
and secondary market issu- ances despite the increasing number of COVID-19 cases.

The Exchange’s Chief Executive Offcer, Oscar Onyema, while sharing some of
the efforts of the NSE during
the African Stock Exchanges
panel session at the Brand Africa 100 Launch in commemoration of Africa Day 2020, said a lot of activities
across diverse asset classes
were seen in the capital market.

“Since we transitioned
to seamless remote trading and working in response to COVID-19, we have seen a lot of activity across diverse asset classes.

Investors have enjoyed dividend payouts in
double digits in the equities
market; attained relative safety in the fixed income market; and are reaping strong returns in alternative asset classes like the Newgold ETF.

On the part of the issuers, while there continues to be activity in the pri- mary market, we foresee an increased inclination from
governments and corporates
to raise capital in the domestic market, particularly through bonds and secondary market issuances”, Onyema said.

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