Quoted companies get Tuesday deadline to submit Q3 earnings

By evening Tuesday, any quoted company that has not submitted its financial statements for the third quarter risks fines that range from N100,000 to more than N80 million..

Ripples Nigeria’s check at the Nigerian Stock Exchange (NSE) indicated that quoted companies have up till the close of work today to submit their nine-month results, in line with the extant rules at the stock market.

In a last-minute rush, not less than 30 companies scrambled to submit their reports for the third quarter ended September 30, 2017 on Monday.

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Listing rules at the Exchange require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

More than 80 per cent of companies on the NSE-including all banks, leading manufacturers and oil and gas majors use the 12-month Gregorian calendar year as their business year.

The Exchange had earlier this year started implementation of a tougher sanction regime to deter companies from unnecessary delay in submission of their earnings. With the new sanctions, defaulting companies may pay fines that range from N100, 000 to more than N80 million.

Besides, the Exchange may take further punitive actions against unrelenting default including suspensionof trading on the shares of the company and in the worst case, delisting of such company.

 

 

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