Conoil Plc and Others Fail to File Annual Reports

The Nigerian Exchange Regulation Limited has said eight companies have failed to file their annual audited reports and have also failed to give a reason for their failure.

In a statement on Wednesday, the NGX Reg limited accused the companies of failing to comply with the directive to issue a press release as set forth in the deficiency filing notices issued to them

The statement listed the defaulting companies as Champion Breweries Plc; International Energy Insurance Plc; Wema Bank Plc; Conoil Plc; Presco Plc; GlaxoSmithKline Consumer Nigeria Plc; Pharmadeko Plc; and Universal Insurance Plc.

It said the companies’ audited financial statements for the year ended 31 December 2022 became due on 31 March 2023, being the due date for filing the 2022 AFS.

The NGX registration limited also warned investors to be cautious when trading in the securities of the affected companies.

The statement reads: “Due to non-filing of the 2022 AFS by the due date, the companies have violated Rule 1.1.4, rules for filing of accounts and treatment of default filing, rulebook of the Nigerian Exchange Limited issuers’ rules (Default filing rules), which provides that, Audited annual accounts shall be filed with the Exchange not later than 90 calendar days after the relevant year end, and published in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting, and posted on the company’s website with the web address disclosed in the newspaper publications. An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.

“DFNs are usually to notify the companies of the infraction, and to grant them three days to provide the following information to the public through the medium of a press release, stating that the 2022 AFS had not been filed by the due date; a detailed explanation of the reason(s) for the delay; and the anticipated filing date, or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.”