Why NGX Fined Ecobank N3.2 Million

Ecobank Transnational Incorporated (ETI) Plc has been fined N3.2 million by the Nigerian Exchange Limited (NGX)for failure to file its financial statements after the regulatory due date.

This was revealed in Exchange’s X-Compliance report, according to Nairametrics.

According to the report, the lender was sanctioned for failing to file its Q3 2022 on time.

The Nigerian Exchange explained that the X-compliance initiative was designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.

“Companies that are listed on the Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules.

“Financial information which is periodic disclosure and ongoing material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” the NGX said.