African Alliance Insurance said it has paid N46.1 million fine slammed on it by the Nigerian Stock Exchange (NSE) for late submission of its 2015 and 2016 financial account, its Managing Director, Mrs Funmi Omo has said.
She spoke against the backdrop of media reports that the NSE imposed the fine on the firm for breaking its rule on account submission.
Mrs Omo said: “We were fined by the NSE but we have paid. Perhaps, the reason why the fine is still in the exchange report is because we have not (formally) written to the Exchange (to notify it about the payment).”
The fine on the company was shown in the Exchange X-Compliance Report of the NSE last updated April 12, 2018.
According to the NSE, the company filed its audited and interim financial statements after the regulatory due date, stating that it applied sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing under the Rulebook of The Exchange.
In addition, the Exchange described the company as a delinquent filer of audited accounts as it fell short of the minimum listing standards.
in terms of timely disclosure of its audited annual financial performance and has Missed Regulatory Fillings (MRF) or Awaiting Regulatory Approval (AWR) of their primary regulators which is the Nation Insurance Commission (NAICOM).