NGX to Sanction Jaiz Bank, Notore & 11 Others Over Late 2024 Results
Hey Investors!
The Nigerian Exchange (NGX) is set to impose sanctions on 13 listed companies—including Jaiz Bank, Notore Chemical, Unity Bank, and others—for failing to file their 2024 audited financial results within the regulatory deadline.
Companies on the NGX Watchlist for Sanctions:
1. Jaiz Bank Plc
2. Unity Bank Plc
3. Smart Products Nigeria Plc
4. Sovereign Trust Insurance Plc
5. Sterling Financial Holdings Company Plc
6. Prestige Assurance Plc
7. Regency Alliance Insurance Plc
8. Royal Exchange Plc
9. Mutual Benefits Assurance Plc
10. Notore Chemical Industries Plc
11. C & I Leasing Plc
12. Conoil Plc
13. International Energy Insurance Plc
⚠️ What’s Happening?
These companies have either:
• Missed Regulatory Filings (MRF), or
• Are Awaiting Regulatory Approval (AWR),
…which triggers a Compliance Status Indicator (CSI) next to their names on the Exchange. According to the NGX Rulebook, late filers face financial penalties and reputational risks.
Company-Specific Highlights:
Jaiz Bank
• Board met March 14, 2025 to review results.
• Has not filed FY 2024 or Q1 2025 as of June 5.
• No dividend information disclosed.
• 7 major shareholders now hold 80.44% (up from 56.09% in 2023).
• Forecasts ₦8.078bn net profit in Q2 2025 and ₦28.39bn in gross earnings.
• Share price has been range-bound, reflecting ownership structure and inconsistent earnings disclosure.
Notore Chemical Industries
• Flagged for possible delisting.
• The only one yet to release any 2024 result.
• Regulatory silence raises investor concerns.
Sterling Financial Holdings
• Filed unaudited FY 2024 results.
• Profit grew 97.21% YoY to ₦44.75bn.
• EPS rose 72% to ₦1.29; total assets now ₦3.52 trillion.
• Delay due to core banking software migration.
• Promised to file audited FY 2024 and Q1 2025 reports by June 28, 2025.
• Declared a closed period from Jan 1 until 24 hours after results are published.
️ Conoil
• Also submitted unaudited FY 2024 results.
• Still subject to sanctions pending full audited reports.
What This Means for Investors:
Implications:
• Penalties and CSI tags can hurt stock reputation.
• Uncertainty from late filings may trigger sell-offs or regulatory scrutiny.
• Delisting risks loom for serial defaulters like Notore.
Opportunities:
• If some of these firms recover and release strong results, short-term price rebounds may follow.
• Investors should track filing deadlines and NGX updates closely.
✅ Quick Advice:
• Stay cautious on stocks with unresolved financials.
• For long-term positions, evaluate past transparency and management reliability.
• Diversify to avoid being too exposed to any compliance-deficient company.
Hey Investors!
The Nigerian Exchange (NGX) is set to impose sanctions on 13 listed companies—including Jaiz Bank, Notore Chemical, Unity Bank, and others—for failing to file their 2024 audited financial results within the regulatory deadline.
Companies on the NGX Watchlist for Sanctions:
1. Jaiz Bank Plc
2. Unity Bank Plc
3. Smart Products Nigeria Plc
4. Sovereign Trust Insurance Plc
5. Sterling Financial Holdings Company Plc
6. Prestige Assurance Plc
7. Regency Alliance Insurance Plc
8. Royal Exchange Plc
9. Mutual Benefits Assurance Plc
10. Notore Chemical Industries Plc
11. C & I Leasing Plc
12. Conoil Plc
13. International Energy Insurance Plc
⚠️ What’s Happening?
These companies have either:
• Missed Regulatory Filings (MRF), or
• Are Awaiting Regulatory Approval (AWR),
…which triggers a Compliance Status Indicator (CSI) next to their names on the Exchange. According to the NGX Rulebook, late filers face financial penalties and reputational risks.
Company-Specific Highlights:
Jaiz Bank
• Board met March 14, 2025 to review results.
• Has not filed FY 2024 or Q1 2025 as of June 5.
• No dividend information disclosed.
• 7 major shareholders now hold 80.44% (up from 56.09% in 2023).
• Forecasts ₦8.078bn net profit in Q2 2025 and ₦28.39bn in gross earnings.
• Share price has been range-bound, reflecting ownership structure and inconsistent earnings disclosure.
Notore Chemical Industries
• Flagged for possible delisting.
• The only one yet to release any 2024 result.
• Regulatory silence raises investor concerns.
Sterling Financial Holdings
• Filed unaudited FY 2024 results.
• Profit grew 97.21% YoY to ₦44.75bn.
• EPS rose 72% to ₦1.29; total assets now ₦3.52 trillion.
• Delay due to core banking software migration.
• Promised to file audited FY 2024 and Q1 2025 reports by June 28, 2025.
• Declared a closed period from Jan 1 until 24 hours after results are published.
️ Conoil
• Also submitted unaudited FY 2024 results.
• Still subject to sanctions pending full audited reports.
What This Means for Investors:
Implications:
• Penalties and CSI tags can hurt stock reputation.
• Uncertainty from late filings may trigger sell-offs or regulatory scrutiny.
• Delisting risks loom for serial defaulters like Notore.
Opportunities:
• If some of these firms recover and release strong results, short-term price rebounds may follow.
• Investors should track filing deadlines and NGX updates closely.
✅ Quick Advice:
• Stay cautious on stocks with unresolved financials.
• For long-term positions, evaluate past transparency and management reliability.
• Diversify to avoid being too exposed to any compliance-deficient company.