Nigerian stock market authority fines Honeywell Flour, Japaul Gold, two others N10m

Four companies in the stock market have been fined by the Nigerian Exchange Limited (NGX) for their failure to release their financial statements in line with the regulatory rules.

The companies; Honeywell Flour Mills Plc, Presco Plc, Notore Chemical Industries Plc, and Japaul Gold & Ventures Plc, were fined a total N10 million by the capital market authority.

Honeywell Flour Mills was fined N1.2 million for failing to submit its Q3’2021 financials before deadline, Japaul Gold & Ventures received a fine of N2.8 million for 2021 audited financials.

Read also:Honeywell Group to invest in new sectors, amid N80bn acquisition deal

Presco Plc was sanctioned for its audited financials and Q1’2022 financials, resulting into a fine of N4.9 million and N200,000 respectively – this is a total of N5.1 million monetary fine.

Notore Chemical Industries received the lowest penalty of N900,0000 from the stock market authority, for failing to release its 2021 audited accounts as at when due.

Note that the submission of quarterly financials is expected after 60 days of each quarter, while the yearly earnings statement is mandated by the NGX to be out after 90 days.

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