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NGX to Sanction Jaiz Bank, Notore,11 Others for LateFiling of 2024FY Results
Kayode Tokede
For late filing of 2024 financial year results, the Nigerian Exchange Limited (NGX) will soon impose sanctions on Jaiz Bank Plc and 12 other listed companies on the bourse.
Other are: Unity Bank Plc, Smart Products Nigeria Plc, Sovereign Trust Insurance Plc, Sterling Financial Holdings Company Plc, Prestige Assurance Plc, Regency Alliance Insurance Plc, and Royal Exchange Plc.
Others are: Mutual Benefits Assurance Plc, Notore Chemical Industries Plc, C & I Leasing Plc, Conoil Plc, and International Energy Insurance Plc.
NGX RegCo, the independent regulating subsidiary of Nigerian Exchange Group said it has identified the above companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial statements and therefore have Missed Regulatory Fillings (MRF) or are Awaiting Regulatory Approval (AWR) Compliance Status Indicator (CSI) imputed beside the names of the companies.
According to NGX RegCo, “The sanctions for non-compliance with periodic financial disclosure obligations are clearly spelt out in the Rules for fFiling of Accounts and Treatment of Default Filing, Rulebook of NGX.”
Jaiz Bank, among others had officially written to the Exchange when their 2024FY will be released to the investing public but have not complied.
For instance, Jaiz Bank board of directors had met on March 14, 2025 to consider the 2024 audited financial statement, according to the document posted on NGX, without mentioning dividend payable to shareholders.
But, the non-interest bank has failed to submit 2024 and first quarter earnings to the investing public as of June 05, 2025.
The bank audited financial statement for 2024 is overdue for filing on the Exchange, significant possible sanction for failing to meet regulatory demand for listed stocks .
Excluding Islamic Development, Jaiz Bank has six influential shareholders with combined interest climbed to 74.82per cent in December 2024 following an additional capital injection, up from 65.15per cent in 2023.
In total, the bank has seven major shareholders with 80.44per cent combined stake in 2024, which is a significant increase in 12 months when compared with 56.09per cent holdings recorded in 2023.
For most part of the year, the Islamic bank share price has traded range bound, reflecting its shareholding structure and earnings track record amidst midst regulatory filing. Jaiz Bank forecasted to deliver N8.078 billion as net profit in the second quarter of 2025 with expectation its gross earnings will reach N28.392 billion..
So far, the likes of Conoil, and Sterling Financial Holdings Company have released unaudited result and accounts for the full year ended December 31, 2024 to the investing public.
Sterling Financial Holdings Company had communicated to the public and the NGX regarding the delayed filing of its audited financial statements for the fiscal year ending December 31, 2024.
According to the disclosure signed by the company’s Executive Director, Olayinka Oni, the delay stems from a transition in the core banking application utilised by its subsidiary, Sterling Bank.
In mid-December 2024, the group announced a forthcoming board meeting scheduled for 26th February 2025, during which the board would review the Audited Financial Statements for the specified period.
The board stated, “The migration to the new system has impacted the timing of the finalization of our 2024 Audited Financial Statements. Consequently, our auditors will require additional time to complete the audit process.
“To this end, the Company will publish its 2024 AFS and Unaudited Financial Statements for the period ended 31st March 2025 on or before 28th June 2025, upon receipt of the requisite approvals.”
“In continuing compliance with the post-listing requirements of NGX, the previously announced closed period which commenced on 1st January 2025 will continue until 24 hours after the Audited Financial Statements for the year ended 31st December 2024 and Unaudited Financial Statements for the period ended 31st March 2025 are released on the floor of NGX. Consequently, Directors and other insiders of Sterling Financial Holdings Company Plc are restricted from dealing in the securities of the Company during the closed period,” Oni added.
In late January 2025, Sterling Financial Holdings Company released unaudited interim results for the year ending December 31, 2024 with a substantial profit increase of 97.21per cent, amounting to N44.753 billion.
This growth was largely due to a notable 67.09per cent rise in net interest income, which stemmed from an uptick in interest income generated from loans and advances to customers.
Moreover, the company reported a 42.54per cent year-on-year increase in core operational income, totaling N199.8 billion, although it did face a 21.15per cent rise in net fees and commissions.
Earnings per share also grew, rising 72per cent to N1.29. Additionally, total assets reached N3.52 trillion, reflecting a 39.05 per cent year-on-year increase.
On its part, Notore Chemical Industries has been flagged for delisting from the Exchange, it is the only company that may not released 2024 results and accounts to investing public.
