E-Financial
Companies Risk Hefty Fines, Delisting over Delayed Results
Quoted companies with habitual and long delay in the submission of their periodic interim and annual audited reports and accounts would henceforth pay heavy fines and may be delisted as the Nigerian Stock Exchange (NSE) revises its rules on filing of accounts and treatment of default filings.
According to the Nation newspaper, companies with chronic history of delay in submission of quarterly and annual reports could pay as much as N100 million fine in some instances, it was gathered. Average fines may increase to N20 million; based on recent delayed filings. Fines imposed under the existing rules ranged from N100, 000 to N7.1 million. The highest fine of N7.1 million was imposed on Daar Communications Plc.
The NSE had come under sharp criticisms over its complicity and negligence on long delays in filing of periodic and annual reports, which allowed many companies to hide poor performance and material information.
An oil and gas company reported a cumulative net loss after tax of N240 billion after it delayed its annual report and interim report for first and second quarter until the 11th month of the new financial year.
The company merely received a fine of N6.2 million for the delay of the three results.
Under the new rules currently undergoing review, any late submission of accounts shall attract a fine of N100,000 per day for the first 90 days of non-compliance; N200,000 per day for the next 90 days of non-compliance and N400,000 per day thereafter until the date of submission.
Besides, any issuer or quoted company shall be liable to pay additional fines of a fine of 50 per cent of its annual listing fee; and N25,000 for every day it remains in default for each instance of non-compliance with any directives of the NSE under the new rules.
The new rules, which draft company was obtained by The Nation, shall be applicable to all companies and securities on the main and premium boards of the NSE.
The new rules also highlighted a seeming naming and shaming fine under which defaulted company and the Exchange are required to publish the instances and circumstances of the default in at least two national newspapers and the corporate website.
The Exchange is also empowered to suspend trading on the shares of a defaulting company, issue a caution on trading on the shares of the company and where the NSE decides that the failure has become incurable based on repeated and sustained delay records, it can take steps to delist the shares of the company.
Also, no quoted company or issuer of a security shall declare interim dividends, final dividends or bonuses or take any other related corporate action without first preparing and filing audited accounts, which shall form the basis of such declaration or action.
“Any issuer that violates this provision shall be liable to pay a fine of 5 per cent of the nominal value of the dividends or bonuses, or any other related corporate action, and the applicable fine shall not exceed 100 per cent of the nominal value,” according to the draft rules.
According to the rules, every company shall file its unaudited quarterly accounts not later than 30 days after the relevant quarter, and publish it in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publications.
A company that chooses, in addition, to audit its quarterly accounts shall file such accounts not later than 60 days after the relevant quarter, and publish it in at least two national daily newspapers and post it on the company’s website, with the web address disclosed in the newspaper publications.
Audited year-end accounts must be filed with the Exchange not later than 90 days after the relevant year-end, and sent to all shareholders or published in at least two national daily newspapers and posted on the company’s website with the web address disclosed in the newspaper publications.
No later than two business days after the deadline for filing accounts has passed, the Exchange shall send a filing deficiency notification to every defaulter and within three calendar days of the date of the filing deficiency notification, the defaulter shall be required to issue a press release, of not less than half a page, in at least two national daily newspapers and posted on the issuer’s website disclosing that the relevant accounts have not been filed by the due date; a detailed explanation of the reasons for the delay; and the anticipated filing date; or its inability to indicate the anticipated filing date, and reasons for the inability to indicate the anticipated filing date.
A defaulting company is also expected to apply for an extension of time for filing the relevant quarterly or year-end accounts, but this shall not be longer than eight weeks from the due date for the relevant accounts.
In the event that a company is subject to oversight by a specific primary government regulator, like the Central Bank of Nigeria (CBN) for banks, the Exchange may grant an additional period not exceeding 12 weeks from the due date for the relevant accounts. The company must however produce evidence of filing the relevant accounts with such primary government regulator not later than four weeks before the due date of filing with the Exchange.
General Counsel and head of regulation, NSE, Ms Tinuade Awe, said the National Council of the Exchange, its highest body, decided on the draft new rules because it discovered that the disclosure requirements as well as the sanctions provided in the initial rules were not stringent enough to deter violations of the Exchange’s listings requirements with regard to financial disclosure.
She pointed out that the National Council was of the view that in order to ensure greater compliance, additional measures apart from higher financial penalties should be introduced into the provisions relating to financial disclosures.
She said the new rules would promote adequate investor protection, prompt and sufficient information sharing, accountability, and transparency within the market.
“These measures are intended to instill greater diligence, prompt, detailed and more responsible disclosure with regard to financial reporting; whilst simultaneously achieving greater deterrence to issuers against repeated late filing of their financial statements,” Awe said.
When people and businesses gain genuine access to financial services, they gain the ability to transact securely, build savings, and access credit. That access creates the conditions for progress: more stable revenues, better business decisions, and the capacity to grow. Progress, sustained over time, is what produces financial happiness. This framework is how Moniepoint measures its impact.
According to Moniepoint 2025 Impact Report, titled creating financial happiness; “Financial happiness is the feeling of confidence and ease that comes with financial freedom and well-being. It is a condition that develops over time and requires a specific set of enablers to take hold.
For millions of people and businesses across Nigeria, those enablers, like tools and solutions to manage their finances, have historically been out of reach. Moniepoint was built to change that, and this change, for us, begins with inclusion”.
Across the world, access to digital tools is a key driver of financial inclusion. The World Bank’s Global Findex 2025 report finds that more than 60% of adults in low- and middle income economies now make or receive digital payments. In Nigeria, this figure is around 54%. Moniepoint has been a key driver in expanding this access with its POS terminals. “Our terminals also drive financial inclusion for individuals.
The report stated that, in 2025, Moniepoint enabled 100 million people to make payments via their POS terminals across the country. For customers in communities where bank branches are scarce or non-existent, a Moniepoint terminal at their local shop, market stall, or fuel station provides reliable access to digital financial services.
They can make purchases, withdraw cash, and manage their money without travelling long distances or depending solely on physical currency. Critically, customers without cards can complete transactions through direct bank transfers to the terminal’s account.
Beyond practical benefits, Moniepoint terminals have also introduced a new layer of trust to everyday commerce. “When network issues make it unclear if a payment went through, the Moniepoint terminal’s loud beep provides instant confirmation for everyone, building trust in digital payments with every transaction”.
Moniepoint POS terminals operate across all 774 local governments in Nigeria, ensuring that small sellers and large stores can accept payments reliably, regardless of location.
In 2025, millions of Nigerians, businesses and individuals alike, accessed Moniepoint services through its mobile app. Top among them are groups like women and low-income earners, who have historically been excluded from formal banking. Inclusion of women is particularly important, as they typically manage household spending and informal savings but are frequently left out of structured financial systems. “Through our app, they are gaining financial independence and greater control over their economic decisions,” the report added.
For millions of Nigerians, debit cards represent a move away from the limits of cash transactions. They enable safer, more reliable everyday payments, particularly as more local businesses begin to accept digital payments.
Moniepoint debit cards are designed to meet this need. In 2025, Moniepoint customers completed over 300 million card transactions at physical locations, largely driven by essential, food-related purchases. Most of this spending took place at neighbourhood provision shops where households buy everyday items such as rice, cooking oil, and soap.
“We’ve made access to our cards intentionally simple. Customers can get a Moniepoint debit card by requesting it within their mobile app or from neighbourhood agents, without lengthy paperwork or waiting periods. By lowering these barriers, more people are able to access financial tools and participate in the formal financial system.
“Our cards also safeguard our customers’ financial information. They don’t carry special markings or any identifiers that could expose our customers or put their financial security at risk. In the event of loss, this reduces the likelihood of targeted fraud or misuse.
“When people can pay with their debit cards at their neighbourhood stores, they can manage their spending, reduce cash handling, and transact more securely. Merchants also benefit, recording higher transaction volumes and more consistent customer activity.
“Moniepoint helps millions of businesses and individuals across Nigeria access seamless payments and banking, every day. The widespread adoption of our tools and services, as highlighted, demonstrates our critical role in expanding financial access, supporting everyday commerce, and enabling more Nigerians to participate safely and consistently in the digital economy,” the report noted.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
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