Ecobank Fined N3.2bn For Breaching NGX Listing Rules

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The Nigerian Exchange Group (NGX) has fined Ecobank Transnational Incorporated (ETI) N3.2 million for failing to submit its third quarter 2022 financial statements after the date stipulated by the regulator.

The capital market listing rules require public quoted companies to publish their quarterly financial reports 30 days after the end of each quarter.

The companies are also expected to submit their annual financial statements 90 days after the year ended.

Companies that fail to submit either their yearly or quarterly earnings reports to the public are fined by the capital market regulator.

First Bank of Nigeria (FBN) Holdings had in June failed to submit its first-quarter financial statements for 2022 and full-year earnings results for 2021 before the deadline.

This forced the regulator to fine First Bank N2.6 million and N5.5 million for the first quarter financial statements for 2022 and Full Year earnings results for 2021.

Also, Unity Bank failed to submit both the Full Year financial results for 2021 and the First Quarter of 2022 statements and was fined N3.6 million and N600,000 respectively.

Union Bank was also fined N1.2 million for not releasing its 2021 Full Year financial statements.

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