Guinea Insurance Plc has been fined N453,600 by the Nigerian Exchange for post-listing infractions. This was made available in the Exchange’s X-Compliance Report. According to the report, the corporation neglected to use the Issuers Portal to file sensitive material, which is a violation of Issuers’ Portal Rules 18.2(c) and 18.2(d).
The following was noted in Schedule 5 of the X-Compliance Report:
“Every listed company is required to provide NGX with timely information in order for it to perform its function of maintaining market order efficiently.”
According to the provisions of Appendix III: General Undertaking (Equities), Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on Publication of Announcements or Press Releases via the Issuers’ Portal, listed companies must obtain prior written approval from NGX RegCo before making media or Issuers’ Portal publications that affect shareholders’ interests.
Furthermore, corporations must report material information to NGX and publish the information in their Annual Reports. The companies mentioned in Schedule 5 below violated several Listings Rules rules and were sanctioned accordingly.”
The Nigerian Exchange Limited (NGX) launched the X-Compliance Report to protect investors and maintain market integrity by providing compliance-related information on all listed companies. Companies listed on NGX must follow strict disclosure guidelines outlined in Appendix 111 of the Listing Rules.
Financial information, both periodic and continuing major event disclosure, shall be released to NGX in a timely manner to allow it to perform its responsibility of maintaining an orderly market efficiently. Guinea Insurance Plc recently received regulatory approval to conduct a private offering of 1.8 billion units of ordinary shares at 50 kobo per share.