NGX fines Ecobank, PZ Cussons, 2 others for failing listing rules

The Nigeria Exchange Limited (NGX) has fined Ecobank Transnational Incorporated, PZ Cussons, and two other companies for failing to meet its listing rules.

Ecobank, PZ Cussons and John Holt were fined a combined N11.2 million for defaulting on the filing of their audited and interim financial statements in 2022.

For submitting its financial statements after the regulatory due date, Ecobank was fined N3.2 million, PZ Cussons was fined N4.8 million and John Holt was sanctioned N3.2 million.

The monetary fine was conveyed in the capital market authority’s X-Compliance Report obtained on Tuesday but dated March 17, 2023.

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In the report, it was also disclosed that Guinea Insurance Plc was fined N453,600 for failing to utilise the issuers’ portal to file sensitive information.

Meanwhile, Multi-Trex Integrated Foods Plc was sanctioned after violating the NGX’s rule on submission of notice and other information documentation.

The capital market authority sanctioned Multi-Trex by mandating the company to undergo Mandatory Compliance Training (MCT).

Also, Infinity Trust Mortgage Bank Plc was compelled to partake in Mandatory Compliance Training for failing to disclose the confirmation of the appointment of its new managing director.