Banking Digest … banking news you can use 
The Nigerian Exchange Limited (NGX) has imposed a hefty fine of N76.8 million on nine quoted companies for failing to file their audited financial statements on time. These companies fell short of meeting the regulatory requirements for the year-end 2022 and 2023. The affected firms include: African Alliance Insurance Plc, VFD Group Plc, FBN Holdings Plc, Sterling Financial Holdings Company Plc, UPDC Plc, ABC Transport Plc, Presco Plc, eTranzact International Plc and NCR Plc.
African Alliance Insurance Plc received the heaviest fine of N48 million for not filing its 2022 annual financials promptly. Other companies faced varying penalties, with VFD Group fined N5.6 million, FBN Holdings Plc N5.4 million, and Sterling Financial Holdings Company Plc N6 million. The NGX’s X-Compliance Report ensures market integrity and investor protection by monitoring compliance-related information for all listed firms.
The Nigerian stock market also experienced a decline on June 24, 2024, with investors losing N51.70 billion at the end of the trading session.
NGX, African Alliance Insurance, VFD Group, FBN Holdings, Sterling Financial Holdings, UPDC, ABC Transport, Presco, eTranzact International, NCR
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