….Mutual Benefits Assurance top the list with N67.44m fine
…..African Alliance, Universal Insurance Lead Sanctions as Regency Alliance, IEI, Sovereign Trust, Prestige also in the list
By NIyi Jacobs
Nigeria’s insurance sector has emerged as the most defaulting segment on the Nigerian Exchange, after 13 listed insurers accounted for more than 70 percent of penalties imposed on companies for failing to meet disclosure deadlines.
The latest X-Compliance Report released by NGX Regulation Limited shows that insurers collectively paid about N378.7 million in sanctions, representing the largest share of over half a billion naira levied on 34 defaulting companies
The scale of the penalties underscores persistent reporting delays within parts of the industry and raises fresh concerns about governance standards.
Most of the sanctions stemmed from late submission of audited annual financial statements, which attracted N353.74 million in fines, while delayed quarterly filings accounted for N186.63 million.
Under NGX rules, audited results carry stricter timelines and heavier penalties once companies exceed the grace period granted after a deficiency notice.
Among the insurers, Mutual Benefits Assurance Plc recorded the highest penalty at N67.44 million. It was followed by African Alliance Insurance Plc with N48.6 million and Universal Insurance Plc with N47.1 million. Regency Alliance Insurance Plc was fined N28 million, while International Energy Insurance Plc, Sovereign Trust Insurance Plc, Prestige Assurance Plc and Cornerstone Insurance Plc also featured prominently on the sanctions list.
The oil and gas sector ranked second in total penalties, driven largely by repeated breaches from Oando Plc and Conoil Plc. Oando alone accounted for N95 million in fines across multiple filing defaults, nearly three times the N27.4 million imposed on Conoil. In contrast, TotalEnergies Marketing Nigeria Plc recorded a relatively minor sanction after filing its accounts earlier than its peers.
Banks and financial services firms recorded lower aggregate penalties compared to insurers, with institutions such as Fidelity Bank Plc, Jaiz Bank Plc and First HoldCo Plc mainly penalised for interim delays rather than prolonged audited defaults.
Market analysts say the enforcement drive reflects the Exchange’s commitment to maintaining transparency and investor confidence. They note that listed companies are fully aware of their post-listing obligations, including the requirement to submit audited annual accounts within 90 days of year-end and quarterly results within 30 days after each reporting period.
Where companies fail to comply, deficiency notices are issued and cure periods granted before fines begin to accrue daily. Persistent default can ultimately lead to suspension of trading.
While penalties are applied uniformly across sectors, the heavy concentration within the insurance industry suggests deeper structural challenges, including weak internal controls and recurring governance lapses.
For investors, timely financial disclosure remains a critical benchmark of corporate discipline, and the latest sanctions send a clear signal that the Exchange is prepared to enforce its rulebook to protect market integrity
