The Nigerian Exchange Limited (NGX) has imposed a total of N562.6 million in penalties on 32 listed companies for delays in filing both audited and unaudited financial statements (AFS and UFS) in the 2024/2025 financial year.
This was disclosed 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.
These persistent reporting lapses across multiple segments of the capital market reinforce concerns around compliance discipline and corporate governance, a major reason the NGX and SEC have intensified regulatory actions in recent times to protect the integrity of the market.
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 remain 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 regularized 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 notable 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 even 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.
Highlight of top ten offenders:
- Oando Plc: N95,000,000 (largest overall when UFS included)
- Mutual Benefits Assurance Plc: N64,640,000
- International Energy Insurance Plc: N56,000,000
- Universal Insurance Plc: N47,100,000
- Regency Alliance Insurance Plc: N28,000,000
- Conoil Plc: N27,400,000
- Secure Electronic Technology Plc: N19,100,000
- Prestige Assurance Plc: N12,100,000
- Cornerstone Insurance Plc: N10,200,000
- Jaiz Bank Plc: N15,900,000
