NGX penalises PZ Cussons, Ecobank, 4 other firms over late filing, non-disclosure of information

By Business A.M.

The Nigeria Exchange Limited (NGX) has sanctioned six listed companies including  PZ Cussons Nigeria Plc, Ecobank Transnational Incorporated, John Holt Plc., over violation of its rules on unauthorised publications and non-disclosure of material information.

This is contained in the Exchange’s X-Compliance report dated March 17, 2023.

The X-Compliance Report is a transparency initiative of NGX Regulation Limited (NGX RegCo), which is designed to maintain market integrity and protect investors by providing compliance related information on all listed companies.

According to the report, every listed company is required to provide NGX with timely information to enable it efficiently perform its function of maintaining an orderly market.

PZ Cussons Nigeria Plc, Ecobank Transnational Incorporated, John Holt Plc, were  sanctioned for reportedly filing their audited and interim financial statements after the regulatory due date.

Infinity Trust Mortgage Bank Plc was said to have violated the provisions of rule 17.5 on price sensitive information, rulebook of the exchange 2015 issuers’ rules.The bank also reportedly failed to disclose the confirmation of the appointment of its new managing director. Meanwhile,Guinea Insurance Plc was alleged of failing to utilise the issuers’ portal to file sensitive information.

“In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via the Issuers’ Portal, listed companies are required to obtain prior written approval from NGX RegCo before publications that affect shareholders’ interests are made in the media or via the Issuers’ Portal,” NGX said.

The Exchange also stated that companies are required to disclose material information to NGX and publish the information in their annual reports.

NGX, therefore, imposed a fine of N4.8 million on PZ Cussons Nigeria Plc, while Ecobank Transnational Incorporated and John Holt Plc were fined N3.2 million, respectively.

Multi-Trex Integrated Foods Plc and Infinity Trust Mortgage Bank Plc were sanctioned to undergo mandatory compliance training (MCT), while Guinea Insurance Plc was fined N453,600..