Business

Ecobank, PZ Cussons, two others hit with monetary fine

Published

1 year ago

March 21, 2023

The Nigeria Exchange Limited (NGX), capital market authority, has fined Ecobank Transnational Incorporated, PZ Cussons, and two other companies for failing to meet listing rules of the country’s stock market.

Ecobank, PZ Cussons and John Holt were fined a combined N11.2 million for defaulting on the filing of their Audited and Interim financial statements in 2022.

For submitting its financial statements after the regulatory due date, Ecobank was fined N3.2 million, PZ Cussons was fined N4.8 million and John Holt was sanctioned with N3.2 million.

The monetary fine was conveyed in the capital market authority’s X-Compliance Report obtained by Ripples Nigeria on Tuesday but dated March 17, 2023.

In the report, it was also disclosed that Guinea Insurance Plc was fined N453,600 for failing to utilise the issuers’ portal to file sensitive information.

Meanwhile, Multi-Trex Integrated Foods Plc was sanctioned after violating the NGX’s rule on submission of notice and other information documentation.

The capital market authority sanctioned Multi-Trex by mandating the company to undergo Mandatory Compliance Training (MCT).

Also, Infinity Trust Mortgage Bank Plc was compelled to also partake in Mandatory Compliance Training for failing to disclose the confirmation of the appointment of its new managing director.

This is a violation of the provisions of rule 17.5 on price-sensitive information, the rulebook of the exchange 2015 issuers’ rules, according to the NGX.

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