Ahead of today’s deadline for quoted companies to submit their third quarter reports and accounts, several companies are making last-minute efforts to submit their reports.
Directors of Neimeth International Pharmaceutical, who had met and approved the company’s third quarter results, said results would be submitted before the close of work today. Market analysts said they expected the third quarter earnings reports to determine the stock market’s direction this week. Under the rules, quoted companies are required to file their unaudited quarterly accounts with the NGX not later than 30 calendar days after the relevant quarter, and publish it within five business days after the date of filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication.
General waiver is usually given in the event of general disruption to industrial activities such as strike, national crises, many public holidays and other circumstances that in the judgement of the Exchange may significantly impact the 30-day timeline given to companies to prepare and submit the quarterly report.
In addition to the monetary fines, a defaulting company will be tagged with the “Below Listing Standard” or any other sign or expression to indicate that the company has failed to submit its accounts within the stipulated period and this tag shall remain for as long as the company fails to file its accounts.