The Securities and Exchange Commission (SEC) has fined not less than eight banks and 18 other listed companies a total of N125 million for failing to file their financial statements on time.

The banks were fined for failing to file their 2022 half-year financial statements and quarterly reports for the first half of 2023 within the regulatory deadline.

The banks fined include Fidelity Bank, Wema Bank, FBN Holdings, Jaiz Bank , Guaranty Trust Bank, Access Holdings, Unity Bank, Guaranty Trust Holdings Plc and Ecobank Transnational Incorporated among others.

John Holt, PZ Cussons, Notore Chemical, Glaxo SmithKline Consumer Nigeria, Industrial Medical and Gases Nigeria and Juli Plc were also affected by the sanction.

Quoted companies are required to make available their audited results, not more than 90 calendar days, or three months, after the expiration of the period. Companies in this bracket are also expected to submit interim reports not later than 30 calendar days after the end of the required period.

It was gathered that while FBN Holdings was fined for delay in submitting its 2022 financial results and its quarter one report for 2023. It paid N6.3m for the and N3.3m respectively.

Unity Bank paid N6.4m for not submitting its 2022 results early, and N3.4m for delay in submitting its interim reports for Q1, 2023.

Fidelity Bank, GTCO and Wema Bank paid N2.7m, N1.4m, and N1.9m, respectively as fines. Access Holdings paid N2m, Jaiz Bank, Ecobank, and John Holt rolled out N600,000, N3.2m and N3.2m, respectively as penalties.

While the regulatory body fined PZ Cussons N4.8m, Notore Chemical was slammed N500,000 and GSK, which announced the closure of its operations in Nigeria was asked to pay N1.3m for failing to file its 2022 financial result.

The SEC stated that the fines were in line with its commitment to ensuring strict compliance with regulatory requirements and standards.