Two insurance companies trading their shares of the floor of the Nigerian Stock Exchange (NSE) have been sanctioned by the market regulatory agency.
The two firms are LASACO Assurance Plc and Universal Insurance Plc. They were directed to pay a cumulative fine of N5.3 million by the NSE.
According to reports, the two insurers were punished for failing to adhere to the rules guiding the listed companies on the exchange.
They specifically failed to file their audited and interim financial statements before the regulatory due date, which forced the NSE to apply sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).
For Lasaco Assurance, it submitted its first quarter financial results ended March 31, 2019 on August 1, 2019 and for this, the firm was fined the sum of N300,000.
On the part of Universal Insurance, it filed its audited full year statements for the year ended December 31, 2018 on August 6, 2019 and was fined N3.6 million for the delay.
It was further fined N1.4 million for submitting its Q1 2019 results for the period ended March 31, on August 6, 2019 and Q2 2019 statements for the period ended June 30, on August 6, 2019.