Capital Market Rules: NGX Slams N13.5m Fine On Unity Bank, Union Bank, First Bank

Unity Bank, under the leadership of Oluwatomi Somefun, has been sanctioned for failing to comply with the rules of the capital market authority, the Nigerian Exchange Limited (NGX), relating to release of financial statements.

The management of the company failed to submit its Full Year financial results for 2021 and First Quarter financial statements for the period of 2022 before the deadline. This led to the company being fined N4.2 million.

According to the capital market rules, it is mandated that listed companies in the stock market should release their Full Year financial statements 90 days after the end of the year, with Quarterly financials expected to be submitted 60 days after every quarter.

NGX penalised Unity Bank N3.6 million for failing to release it’s Full Year financials in line with the capital market’s rule, while the Somefun-led company was also sanctioned N600,000 for delay in the submission of its Q1 2022 earnings.

Aside from Unity Bank, NGX also fined Emeka Okonkwo’s Union Bank and Adesola Adeduntan’s First Bank Holdings N8.1 million and N1.2 million respectively for the same offense.

It was gathered that NGX fined First Bank N2.6 million for failing to meet deadline of the Q1 financial statements for 2022, and N5.5 million for not releasing it’s Full Year earnings report as at when due.

Meanwhile, Union Bank, which failed to submit its Full Year financial statements, was sanctioned and fined N1.2 million by the capital market authority.

Fakoyejo Olalekan

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