• Business - Companies
  • Updated: November 25, 2020

Abbey Mortgage Bank Risks Fine Over Failure To Release Q3 Earnings

Abbey Mortgage Bank Risks Fine Over Failure To Release Q3 Ea

Abbey Mortgage Bank has failed to release its third quarter earnings despite receiving a grace period for the submission AllNews understands. Abbey Mortgage Bank contravened the listing rules of the Nigerian Stock Exchange (NSE) with its failure to release its financial statement as at when due.

The company had disclosed that its Board of Directors, on November 2 this year, approved the Q3 Unaudited Financial Statements for the period ended September 20, 2020. In a statement seen by AllNews, Abbey Mortgage Bank said it will release the earnings report on or before November 20, 2020, however, five days later, the company has yet to publicise its financials.

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This is despite receiving a grace period which is more time to prepare and submit the earnings report, "The approved Unaudited Financial Statements would be filed on or before the expiration of the grace period up to 20th November, 2O2O granted to quoted companies for submission of their Unaudited Financial Statements."

What You need To Know About NSE Listing Rule

Part of NSE listing rule to quoted companies on the stock exchange is Rule  7.4: Submission of Financial and Non-Financial  Reports to The Exchange, Rulebook of The Exchange, 2015 (Dealing Members’ Rules) as amended, states that:“(a) Every Dealing Member shall submit to The Exchange its audited financial statements, within ninety (90) calendar days of the end of the fiscal year, and its quarterly returns within thirty (30) calendar days of the end of the quarter; and any other periodic report within the period stipulated by The Exchange”.

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This means submission for the Q3 earnings of Abbey Mortgage Bank should have been in October, but the grace period extended the deadline to November 30. The failure of Abbey Mortgage Bank to submit its third quarter financial statement could attract financial sanction from the NSE.

Abbey Mortgage Bank Risk Financial Sanction

According to the NSE listing rule seen by AllNews, late submission carries a monetary fine which increases for every day Abbey Mortgage Bank fail to submit their quarterly earnings.

Any late submission of accounts shall attract the following fines;

(a) Ten Thousand Naira (N10,000) per day for the first ninety (90) calendar days of non-compliance;

(b) TwentyThousand Naira (N20,000) per day thereafter until the date of submission.

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