Connect with us

Business

Three companies fined N49.5 million for defaulting in their filings proper auditing

Published

on

Not less than three companies have been fined with the sum of N49.500,000 by The Nigerian Exchange Limited (NGX) for their failure to file audited financial statements after the regulatory due date.

This three companies were sanctioned for their inability to meet the regulatory requirements for the year-end 2022 and 2023 financials.

The companies which includes; African Alliance Insurance Plc, NCR (Nigeria) Plc, and eTranzact International Plc. A Further check showed that African Alliance Insurance Plc was fined N48.6 million for its inability to file the 2022 annual financial statement when required; eTranzact International Plc got N700,000.00 sanction, while NCR (Nigeria) Plc was fined N200,000.00, summing up to a total fine of forty nine million, five hundred thousand naira.

Market operators also agreed that the sanction for non-compliance with the rules of listing on NGX is a welcome development, as it will lead to more appropriate pricing of securities. More quoted entities would be compelled to give information to the market on a timely basis. They also stated that this development by NGX would boost investor confidence in the market because it sends a signal that investors will get companies’ financial reports as at when due.

Sir. Sunny Nwosu the founder of the Independent Shareholders Association of Nigeria (ISAN), stated that the affected companies are supposed to have ensured that they meet the requirements, noting that such would help shareholders to understand their financial health for investment decisions.

His statement read:

“It is not a new thing, and it does not come to us as a surprise. We have constantly written to the exchange and raised the issue at annual general meetings that there is a need to know the status of these companies to enable us to take investment position”.

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

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

Published

on

By

By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

Continue Reading

Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

Published

on

By

By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

Continue Reading

Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

Published

on

By

By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

Continue Reading

Trending

Deneme Bonusu Veren SitelergrandpashabetJojobetligobettipobettipobetjojobet girişjojobetjojobetjojobetchild porniptv satın alCasibommarsbahisholiganbetjojobetgrandpashabetsekabetmatbetimajbetmegabahisgrandpashabetgrandpashabetDeneme Bonusu Veren SitelerGrandpashabetcasibomkavbetjojobetmarsbahisjojobettipobetgrandpashabetcasibomcasibomchild pornjojobettlcasinoholiganbetholiganbetholiganbetcashwinjojobetjojobetjojobetjojobetjojobetgrandpashabet girişcasibomgrandpashabetcasibomjojobetcasibomholiganbetgrandpashabetgrandpashabetpusulabetjojobet girişibizbet girişpusulabetgrandpashabet girişcratosroyalbetgrandpashabetmarsbahisgrandpashabet girişsekabetimajbetpusulabetbettiltsekabet girişvdcasinocasibomcashwincashwin girişcashwinjojobet girişjojobetbetplay girişnesinecasino girişamgbahis girişamgbahisbahiscasinomatbet girişpusulabet giriştaraftarium24pornotipobetcasibom