NGX Regulation has fined 15 listed companies a total of N123.17m for late submission of audited and interim financial statements, according to its latest X-Compliance Report. Late audited accounts account for N87.30m and late interim statements for N35.87m, across 22 penalty entries.
International Energy Insurance has the largest fine at N28.20m, followed by Caverton Offshore Support Group (N19.20m across both categories) and Legend Internet (N16.80m). Together the three account for about 52% of the total. Others named include Oando (N10.40m), Fidelity Bank (N4.20m), Ecobank Transnational (N1.30m), International Breweries (N1m) and PZ Cussons (N600,000).
Calls for tougher sanctions
Market participants told Nairametrics that fines alone may not deter repeat defaulters. Suggestions include referring persistent defaulters to the SEC’s Administrative Proceedings Committee, direct engagement with boards, and delisting as a last resort, though one analyst cautioned that delisting could trap minority shareholders.
Source: Nairametrics (21 October 2026).
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