In 2022, six listed companies on the local bourse violated the Nigerian Exchange Limited’s listing rules, including unauthorised publication and undisclosed material information.
According to the Nigerian Exchange Limited X-Compliance report, every listed company is required to provide timely information to NGX in order for it to perform its function of maintaining an orderly market efficiently.Information Guide Nigeria
Living Trust Mortgage Bank Plc and AIICO Insurance Plc violated NGX amendments to Chapter 17 of the information disclosure rules on closed periods, as well as the rules of NGX issuers, while BUA Foods Plc violated the rule against unauthorised publication.NYSC portal
United Bank for Africa Plc violated the provisions of rule 1.1.5, rules for account filing, and default filing treatment.
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Nigerian Exchange Group Plc and Ecobank Transnational Incorporated violated rule 19.2 on board meeting disclosure, amendments to board meeting and general meeting rules, and the exchange process for filing financial statements. Mandatory Compliance Training has been approved for all six firms.
According to the report, NGX Regulation Limited stated, “In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via the Issuers’ Portal, listed companies are required to obtain prior written approval from NGX RegCo before publications that affect.JAMB Result
“In addition, companies are also required to disclose material information to NGX and publish the information in their Annual Reports.”
