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E-Financial

NGX Fines 20 Firms N255.53m for Financial Statements Filing Default

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NGX Regulation Limited, a subsidiary of the Nigerian Exchange Group (NGX Group) has fined N255.53 million on 20 listed companies for failing to file their financial statements after the regulatory due date in 2023 and 2024.

NGX Fines 20 Firms N255.53m for Financial Statements Filing Default

The companies were sanctioned during the audited financial year 2023 and first and second quarter of 2024 for their inability to meet the regulatory requirements in the period under review.

As part of the post-listing rules of the NGX, companies quoted on the Exchange are required to file their respective unaudited quarterly and audited yearly financial statements with the NGX a month after the end of each quarter and three months after the end of a financial reporting year.

Companies experiencing any form of challenge that would hinder the submission within the stipulated time frame are required by the post-listing rule to communicate the challenge with the NGX.

Compliance with the rule, according to the NGX, promotes transparency, helps orderliness in the market and ultimately helps investors in making informed decisions regarding the companies’ securities.

Companies that defaulted for audited financial statements, 2023 include; Oando, which got a total fine of N41 million.

Lasaco Assurance was fined N8.7 million, while Regency Alliance Insurance was fined N7.8 million.

Others include Guinea Insurance (N3.4 million), C& I Leasing (N3.2 million), Universal Insurance (N2.8 million), Secure Electronic Technology (N11.2 million), Conoil (N9.6 million), Caverton Offshore Group (N7.7 million), VFD Group (N5.6 million), FBN Holdings (N5.4 million), Sterling Financial Holdings Company (N6 million), UPDC (N3.9 million) ABC Transport (N3.2 million), Presco (N3.2 million), eTranzact International (N700,000), NCR Nigeria (N200,000), and African Alliance Insurance (N48.6 million).

For default filings of interim accounts for Q1 and Q2, 2024; Oando (N40.6 million), Briclinks Africa (N30,000), Caverton Offshore Support Group (N9.4 million), Universal Insurance (N3 million), C& I Leasing (N3.2 million), Secure Electronic Technology (N7.9 million), Conoil (N6.3 million), VFD Group (N2.5 million), FBN Holdings (N2.7 million), Sterling Financial Holdings Company (N2.9 million), UPDC (N800,000), and PZ Cussons Nigeria (N4 million).


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E-Financial

Naira Gains Strength, Hits N1,600/$ in Parallel Market

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The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.

Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.

As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.


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E-Financial

CBN Spending on Naira Printing, Distribution up by 306 Percent

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Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.

CBN Spending on Naira Printing, Distribution up by 306 Percent

Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.

The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.

The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.

Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.

Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.

Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.

Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.


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E-Financial

PalmPay Reaffirms Commitment to Advancing Contactless Payments

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PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.

This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.

Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.

He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.

“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”

PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.

This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.

 


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