NGX penalises Ecobank, others over ‘late filing, non-disclosure of information’

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The Nigeria Exchange Limited (NGX) says three firms — PZ Cussons Nigeria Plc, Ecobank Transnational Incorporated, John Holt Plc — have been sanctioned for reportedly filing their audited and interim financial statements after the regulatory due date.

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.

Every listed company is required to provide NGX with timely information to enable it efficiently perform its function of maintaining an orderly market.

The exchange 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.

Similarly, three listed companies violated its rules on unauthorised publications and non-disclosure of material information.

The report said Multi-Trex Integrated Foods Plc violated NGX’s rule on submission of notice and other information documentation.

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.

Multi-Trex Integrated Foods Plc and Infinity Trust Mortgage Bank Plc were sanctioned to undergo mandatory compliance training (MCT).

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