Lagos, Nigeria – The Nigerian Exchange Limited has imposed N378 million (approximately $241.5 million) in fines on 13 listed insurance companies for breaches related to the filing of audited and unaudited financial statements, according to the latest X-Compliance Report released by NGX Regulation Limited.
Okay News reports that the insurance sector accounted for more than 70 percent of total compliance breaches, making it the least compliant sector in terms of financial reporting standards. The top three delinquent filers — Mutual Benefits Assurance, African Alliance Insurance, and Universal Insurance Plc — accounted for N168.14 million in cumulative fines, representing 43.2 percent of the total penalties. Mutual Benefits paid multiple penalties including N11 million for filing its 2024 audited financial statements past the deadline and N53.6 million for late submission of its 2023 audited accounts and 2024 quarterly reports.
The scale and trend of the sanctions reveal persistent reporting delays across much of the insurance industry, raising concerns about governance standards in a sector currently undergoing regulator-mandated recapitalisation. Other non-compliant insurers accounted for N214.86 million in fines, with Regency Alliance Insurance Plc incurring N28 million in cumulative penalties. Prestige Assurance Plc paid N12.1 million, Cornerstone Insurance incurred N10.2 million, and International Energy Insurance was fined N28.2 million for its 2024 audited accounts filed nine months late.
The oil and gas sector ranked second in total penalties, driven largely by repeated breaches from Oando Plc, which accounted for N95 million in fines, and Conoil Plc, fined N27.4 million. In contrast, banks and other financial services firms recorded lower aggregate penalties, with institutions such as Fidelity Bank Plc, Jaiz Bank Plc, and First HoldCo Plc mainly penalised for interim delays rather than prolonged audited defaults.
The X-Compliance Report is a transparency initiative aimed at maintaining market integrity by publishing compliance-related information on all listed companies. Under NGX rules, all listed companies are required to submit their financial statements within stipulated timelines. The persistent reporting breaches in the insurance sector highlight governance challenges that regulators are watching closely as the industry undergoes capitalisation exercises. Addressing these reporting breaches will be critical for rebuilding investor confidence and ensuring compliance with listing standards.
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