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Firms get 24 hours deadline to submit third quarter reports

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Companies quoted on the Nigerian Stock Exchange (NSE) have up till the close of business tomorrow to submit their financial statements and reports for the third quarter of this business year. Companies that fail to meet the deadline will be sanctioned and flagged with a red alert of poor corporate governance.

Several companies have not submitted their earnings reports and are, therefore, expected to submit the reports before the close of work tomorrow to avoid sanctions that range from N100,000 to N100 million.

More than half of the companies expected to submit their third quarter reports have not submitted as at the weekend, according to the tally provided by the NSE. Thirty eight companies had rushed through the last week to submit their third quarter reports.

Not less than 43 companies have been sanctioned so far this year with fines ranging from N100,000 to N35 million. Companies that delayed their financial statements and accounts also face threats of suspension and delisting in addition to the monetary fines. A total of 23 companies are currently under suspension for failure to meet earlier deadlines for earnings reports.

The Nation, October 29, 2018

 

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