LAGOS, Nigeria — The Nigerian Exchange (NGX) has imposed penalties totalling ₦123.17 million on 15 listed companies for late submission of audited and interim financial statements, reviving concerns over repeated disclosure breaches among listed firms.
The NGX late filing penalties appear in the latest NGX RegCo X-Compliance Report. Three capital market operators questioned whether financial sanctions alone are enough to stop repeat defaults.
NGX late filing penalties by category
The compliance list contains 22 penalty entries. Of the ₦123.17 million total, ₦87.30 million relates to audited accounts and ₦35.87 million to interim statements.
- International Energy Insurance recorded the largest single penalty, at ₦28.20 million.
- Caverton Offshore Support Group accumulated ₦19.20 million across both categories.
- Legend Internet was fined ₦16.80 million.
- Oando was penalised ₦10.40 million, Fidelity Bank ₦4.20 million, Ecobank Transnational ₦1.30 million, International Breweries ₦1 million and PZ Cussons ₦600,000.
The three largest penalties account for about 52.12% of the total. Caverton, NCR (Nigeria), Cornerstone Insurance, Jaiz Bank, Sterling Financial Holdings and Regency Alliance Insurance appear in both categories, with combined fines of ₦56.10 million.
Repeat appearances raise questions about whether financial penalties are working. The list alone does not show that any company deliberately withheld its accounts.
Experts call for tougher NGX sanctions
Dr. David Walter Ogogo, Pioneer Registrar of the Institute of Capital Market Registrars (ICMR), said repeated filing breaches should draw attention beyond the Exchange. He recommended referring persistent defaulters to the Securities and Exchange Commission (SEC) and having affected companies appear before the SEC’s Administrative Proceedings Committee to strengthen board accountability.
Charles Fakrogha of ECL Asset Management Limited called for direct engagement with company boards and management, with delisting considered where non-compliance continues. He argued that companies that repeatedly pay penalties and keep defaulting should face other measures.
Aruna Kebira, Chief Executive Officer of Globalview Securities Limited, stressed that disclosure is a basic obligation for listed companies, arguing that firms seeking a public listing must be willing to disclose their performance transparently.
Kebira cautioned that the NGX must act within its legal authority, and that delisting could make it harder for existing shareholders to sell their holdings. The experts disagreed on enforcement but agreed that repeat breaches weaken governance and investor confidence.
Filing delays show mixed progress
A comparison of delays for the 2024 and 2025 audited accounts, measured against the NGX’s March 31 deadlines, shows mixed results.
- Jaiz Bank cut its delay from about 93 days to 45 days.
- Prestige Assurance improved from about 140 days to 45 days.
- Regency Alliance Insurance reduced its delay from about 155 days to 116 days.
- Oando lengthened its delay from about 65 days to 97 days.
- Cornerstone Insurance rose from about 66 days to 78 days.
Oando’s ₦10.40 million penalty is less than one-hundredth of one per cent of its reported ₦135.76 billion pre-tax profit for 2025. The comparison covers only companies that defaulted, so it cannot show how many other listed firms were deterred by existing sanctions.
Penalties in earlier cycles were also significant. The NGX imposed ₦76.8 million on nine companies in 2024 and ₦325.47 million across 59 breaches in 2025 and 2026. The debate over whether financial penalties are enough, or whether board accountability and regulatory intervention are needed, is likely to continue.
