Nigeria: NGX fines defaulting firms $131mln in 2025

•Insurance companies to pay N169.34m

The Nigerian Exchange Regulation Limited (NGX RegCo) imposed substantial monetary sanctions on listed companies in 2025, with fines running into tens of millions of naira as firms breached rules on timely filing of audited and interim financial statements.

Data extracted from the X-Compliance Report dated December 19 showed that penalties imposed for default filings in 2025 cut across insurance companies, banks, oil and gas firms, and conglomerates, underscoring the regulator’s zero-tolerance stance on disclosure infractions.

Among the biggest defaulters, Mutual Benefits Assurance Plc incurred the heaviest penalty in 2025, paying N53.64 million for late submission of its 2023 audited financial statements. International Energy Insurance Plc followed closely with a fine of N28.2 million for delayed filing of its 2024 audited accounts. Other insurers such as Universal Insurance Plc (₦22 million), Regency Alliance Insurance Plc (₦9.8 million), Prestige Assurance Plc (₦5.1 million), and Sovereign Trust Insurance Plc (₦3.2 million) were also sanctioned for similar breaches.

Insurance companies listed on the Nigerian Exchange (NGX) paid a combined N169.34 million in regulatory fines in 2025, reflecting intensified enforcement of disclosure and reporting rules by NGX Regulation Limited.

In the oil and gas sector, Oando Plc was fined N7.9 million for late submission of its 2024 audited accounts, while Conoil Plc paid N6.5 million. Consumer goods major PZ Cussons Nigeria Plc incurred a penalty of N600,000, while TotalEnergies Marketing Nigeria Plc was fined N600,000 for late filing.

The banking sector was not spared. Jaiz Bank Plc paid N9.6 million for default in filing its 2024 audited accounts, while First HoldCo Plc and UPDC Plc were each fined N1.7 million. AXA Mansard Insurance Plc recorded one of the lowest penalties at N300,000, reflecting a shorter delay period.

Penalties were also imposed for late filing of interim (quarterly) financial statements in 2025. Fidelity Bank Plc paid a combined N9.8 million for delayed submission of its second- and third-quarter unaudited financial statements. International Energy Insurance Plc attracted fines of N27.8 million for late filings of its first and second quarter 2025 results, while Universal Insurance Plc paid N19.3 million for similar infractions. Oando Plc was fined N5.5 million for late filing of its first quarter 2025 unaudited results.

NGX RegCo explained that the sanctions were applied in line with the Rules for Filing of Accounts and Treatment of Default Filing under the Exchange’s Issuers’ Rulebook, stressing that timely disclosure is critical to market transparency and investor protection.

Market analysts note that the scale of fines in 2025 signals tighter enforcement by NGX RegCo, as regulators seek to strengthen corporate governance standards and restore investor confidence in the Nigerian capital market.

They add that persistent defaults could expose affected companies to further sanctions, including trading suspensions or delisting.

The regulator reaffirmed that the X-Compliance Report remains a key transparency tool to name defaulting firms, enforce discipline, and promote a culture of timely and accurate financial reporting on the Exchange.

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