Lagos, Nigeria – Thirty-four listed companies paid a cumulative N540.37 million in penalties to Nigerian Exchange Limited for late submission of financial statements during the 2024/2025 compliance cycle, with the insurance sector accounting for the largest share of sanctions.
Okay News reports that the latest X-Compliance Report published by NGX Regulation Limited on February 20, 2026, highlights governance and disclosure lapses across sectors. The penalties were imposed for defaults in filing both audited annual financial statements and interim unaudited financial statements, in line with the Exchange’s Rules for Filing of Accounts. Insurance companies collectively accounted for approximately N378.7 million, representing about 70.1 percent of total penalties imposed.
Thirteen insurance firms drove the sector’s dominance in sanctions. Mutual Benefits Assurance Plc recorded the highest penalty at N67.44 million, followed by African Alliance Insurance Plc with N48.6 million, Universal Insurance Plc with N47.1 million, and Regency Alliance Insurance Plc with N28 million. Others include International Energy Insurance Plc, Sovereign Trust Insurance Plc, Prestige Assurance Plc, and Cornerstone Insurance Plc. Market analysts note that the heavy concentration reflects persistent reporting delays and governance weaknesses in parts of the insurance industry.
The Oil and Gas sector ranked second in total penalties, driven largely by sanctions on Oando Plc and Conoil Plc. Oando alone paid N95 million in multiple filing penalties, nearly three times Conoil’s N27.4 million sanctions. Oando was fined for late filing of audited accounts for 2024 and 2023, as well as delayed interim filings. TotalEnergies Marketing Nigeria Plc paid N600,000 for similar breaches but filed earlier. Banking and financial services firms recorded comparatively lower aggregate sanctions, with most penalties linked to interim filing delays rather than multi-year audited defaults.
N353.74 million was imposed for late filing of audited annual financial statements, while N186.63 million related to delayed interim quarterly filings. Audited financial statements carry stricter regulatory deadlines and attract heavier fines once companies exceed the cure period. Under the rules, companies must file audited statements within 90 days of year-end and quarterly statements within 30 days after each quarter. Where a company fails to meet deadlines, a deficiency notice is issued, and if non-compliance persists, monetary penalties accrue daily.
Market analysts say strict enforcement of disclosure rules is critical to sustaining investor confidence. Mr. Aruna Kebira, Managing Director of Globalview Capital Limited, stated that before listing, issuers are informed of quarterly and annual reporting obligations and penalties attached to non-compliance. Chief Blakey Ijezie, a chartered accountant, noted that some companies delay results because they have weak financial performance and fear market reaction. Defaults in the latest cycle included late submission of 2023 and 2024 audited statements, delays in 2024 and 2025 quarterly filings, and repeat non-rendition of accounts.
The X-Compliance Report is a transparency initiative designed to maintain market integrity by providing compliance-related information on all listed companies. The penalties underscore the Exchange’s commitment to enforcing timely financial disclosures and protecting investors. Consistent financial disclosures remain fundamental to market transparency and investor confidence.
