BusinessNGX Fines Six Insurance Firms N89.6m For Filing Default

NGX Fines Six Insurance Firms N89.6m For Filing Default

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May 21, (THEWILL) – The Nigerian Exchange Limited (NGX) has fined six insurance firms a total of N89.6 million, for failure to file their financial statements after the regulatory due date.

The affected companies were sanctioned during the year 2021 for their inability to meet the regulatory requirements ranging between FY 2020 and the second quarter of 2021.

The companies include Royal Exchange Plc, African Alliance Insurance Plc, Universal Insurance Plc, LASACO Assurance Plc, Coronation Insurance Plc and Mutual Benefits Assurance Plc.

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African Alliance Insurance Plc led with N34.6 million of the fines, while Royal Exchange Plc followed with a fine of N16.3 million, LASACO Plc was fined N15.1 million, Universal Insurance Plc got N9.1 million fine, while Mutual Benefits Assurance Plc followed with N7.7 million and Coronation Insurance Plc with N6.8 million fine.

Further details showed that African Alliance Insurance Plc was fined N28.2 million for 2020 audited financials, N6.3million for Q1’2021 financials and N100,000 for Q2’2021 financials, while Royal Exchange received a fine of N9.4 million for 2020 audited financials, N6.4 million for Q1’2021 financials and N500,000 for Q2’2021 financials.

LASACO was fined N9 million for 2020 audited accounts and N6.1million for Q1’2021 financials as Universal Insurance Plc got fined N9.1 million for 2020 audited accounts. Mutual Benefits Assurance Plc got N7.7 million for 2020 audited financials, while Coronation Insurance Plc got fined N6.8 million for 2020 audited accounts.

The Exchange in its X-Compliance report explained that the policy was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.

The report thus stated that “Companies that are listed on the Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.

“Financial information which is periodic disclosure and on-going material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market”, the NGX added.

About the Author

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Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

Sam Diala, THEWILLhttps://thewillnews.com
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

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