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Business News of Monday, 23 January 2023


Six listed firms violated rules in 2022 – Report

NGX Group NGX Group

Six listed companies on the local bourse violated the listing rules of the Nigerian Exchange Limited on unauthorised publication and undisclosed material information among others in 2022.

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

Living Trust Mortgage Bank Plc and AIICO Insurance Plc violated NGX amendments to chapter 17 of information disclosure rules on closed period, rules of NGX issuers rule while BUA Foods Plc violated the rule against unauthorised publication.

United Bank for Africa Plc violated the provisions of rule 1.1.5, rules for the filing of accounts, and treatment of default filing.

Nigerian Exchange Group Plc and Ecobank Transnational Incorporated defaulted rule 19.2 on disclosure for board meetings, amendments to the rules relating to board meetings and general meetings as well as the breach of exchange process for filing of financial statements. All six firms were sanctioned to undergo Mandatory Compliance Training.

NGX Regulation Limited stated in the report that “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’ interest are made in the media or via the Issuers’ Portal.

“In addition, companies are also required to disclose material information to NGX and publish the information in their Annual Reports.”