*The Nigerian Exchange Group has fined Ecobank Transnational Incorporated for breaking the Capital market listing rules requiring public-quoted companies to publish quarterly Financial Reports 30 days after the end of each quarter

Emmanuel Akosile | ConsumerConnect

For the commercial bank’s failure to submit its third quarter (Q3 2022) Financial Statements after the date stipulated by the market regulator, the Nigerian Exchange Group (NGX) has fined Ecobank Transnational Incorporated (ETI) N3.2 million.

ConsumerConnect reports the Nigerian Capital market listing rules require public-quoted companies to publish their quarterly Financial Reports 30 days after the end of each quarter of the year.

Quoted companies are also expected to submit their annual Financial Statements 90 days after the year ends.

Therefore, companies that fail to submit either their yearly or quarterly earnings reports to the public are fined by the Capital market regulator.

It was learnt the First Bank of Nigeria (FBN) Holdings June 2022 had also failed to submit its first-quarter (Q1) Financial Statements for 2022 and full-year earnings results for 2021 before the deadline.

Consequently, the market regulator fined the First Bank Limited N2.6 million and N5.5 million for failing to submit the Q1 Financial Statements for 2022 and Full-Year earnings results for 2021 on schedule, according to report.

Besides, Unity Bank failed to submit both the Full Year financial results for 2021 and the Q1 2022 statements, and was fined N3.6 million and N600,000 respectively.

Union Bank also, was fined N1.2 million for not releasing its 2021 Full Year financial statements.