9% of listed companies are the first to file financial statements in 2021

Saturday, Dec 18, 2021 / 9:10 a.m. / by Proshare Research / Header image credit: Moxon

The timely filing of financial statements, whether quarterly or audited, is a post-registration requirement that must be strictly adhered to as required by the vsCompanies listed on the Nigerian Exchange Limited (NGX).

The NGX X-Compliance report categorically stated that companies’are required to adhere to high disclosure standards which are prescribed in the NGX Regulations, 2015 (Issuer Rules) and other NGX Rules from time to time. ‘

Following this rule will help the NGX to
effectively perform its function of maintaining an orderly market.

Annex 2 of NGX’s Compliance Report X as of December 10, 2021 reflected that fourteen (14) of the one hundred and fifty-six (156) companies listed on NGX are early depositors in 2021. The fourteen (14) listed companies represent 9% of all companies listed on the NGX.

Four (4) of these companies filed their 2021 audited financial statements earlier, while the other ten (10) filed their interim financial statements earlier.

Table 1: Early filing of quarterly and audited financial statements for 2021

The 2021 default filer analysis revealed that twenty-five (25) listed companies have so far been fined as of December 10, 2021 with a total penalty amount of 810.83 million Naira earned by the NGX.

Omatek Ventures Plc paid the highest amount of the penalty, which amounts to N 537.2 million. This represents 66% of the total penalty paid so far in 2021.

Table 2: 2021 Default deposits and penalties paid

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Table 3: Filing status of all listed companies for Q1 to Q3 2021

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Download here – NGX X compliance report of December 10, 2021

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