The Nigerian Exchange Limited (NGX) has slammed a N562.6 million fine on 32 listed companies for delays in filing both audited and unaudited financial statements (AFS and UFS) in the 2024/2025 financial year.
The NGX disclosed this in the updated X-Compliance Report published on April 24, 2026 by NGX Regulation Limited (NGX RegCo), showing the cumulative penalties spanning multi-year audited filings and repeated quarterly disclosure breaches.
A breakdown of the sanctions shows that audited financial statement (AFS) defaults accounted for the larger share of penalties at approximately N371.8 million, while unaudited financial statement (UFS) breaches contributed about N190.7 million.
Insurance firms were the most frequent defaulters, with companies such as Mutual Benefits Assurance Plc, Universal Insurance Plc, Regency Alliance Insurance Plc, and Prestige Assurance Plc appearing repeatedly across both AFS and UFS violations.
Though Mutual Benefits Assurance Plc said it has since regularised filing deficiencies, NGX RegCo X-Compliance report still flags the insurer as one of the most penalised entities, driven by multi-year delays, including its 2023 AFS, which alone attracted a N53.64 million fine.
Oando Plc also recorded heavy penalties across both audited and unaudited filings, including N41 million for its 2023 AFS and additional sanctions tied to quarterly reporting delays.
Other defaulters include International Energy Insurance Plc, which incurred significant penalties across reporting cycles, and Conoil Plc, which was sanctioned for both audited and interim filing breaches.
The data also shows that large and mid-tier firms are not exempt, with companies like First HoldCo Plc, Sterling Financial Holdings Plc, and Caverton Offshore Group Plc featuring among penalised entities.
Banks and financial services firms such as Fidelity Bank Plc and Jaiz Bank Plc recorded multiple UFS-related sanctions, largely tied to delays in second and third quarter filings.
Consumer goods and industrial firms like PZ Cussons Nigeria Plc and International Breweries Plc recorded penalties across both audited and interim filings, though at relatively lower levels compared to repeat offenders in the insurance sector.
Other firms such as Briclinks Africa Plc and NCR Nigeria Plc incurred minimal penalties.
Ecobank Transnational Incorporated and International Breweries Plc made fresh entries in April with penalties of N1.3 million and N1 million respectively.
Trans-Nationwide Express Plc, Secure Electronic Technology Plc, VFD Group Plc, and Sterling Financial Holdings Plc were all penalized for unaudited filing delays, indicating that the compliance deficit is more widespread.
