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

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.