NSE Fines Ekocorp, 29 Others N373 Million Over Non-compliance To Regulatory Requirements

The Nigerian Stock Exchange (NSE) has listed Ekocorp, Thomas Wyatt and Africa Alliance Insurance Plc leading the N372.5 million fine over inability to meet the Exchange regulatory requirements.

The Exchange imposed a fine of N372.5 million on 30 listed companies for inability to file in their financial statements ranging between full year ended December 31, 2014 and second quarter ended March 31, 2017.

Investigation revealed that NSE fined Ekocorp, Thomas Wyatt and Africa Alliance Insurance N75.6 million, N46.8 million and N46.1 million respectively, totaling N174.4 million, which accounted for 46.8 per cent.

Also, for non-compliance on 2016 financial results, NSE sanctioned AG Leventis N2.9 million, Austin Laz N5.4 million, Capital Hotel N2.1 million, Capital Oil N 1.1 million, CWG N2.1 million, Diamond Bank N2.4 million, Fidelity Bank N 700,000, Fortis Micro Finance Bank N19.8 million, Guinea Insurance N11.6 million, Premier Paints N11.2 million, Royal Exchange N7.3 million, Standard Alliance Insurance N8.2 million and Unity Bank N500, 000.

Photo Caption: NSE LOGO