NGX slams N378 million penalties on 13 insurers over reporting breaches

The Nigerian Exchange (NGX) Limited has imposed N378 million in fines on 13 listed insurance companies for breaches related to the filing of audited and unaudited financial statements.

This was disclosed in the latest X-Compliance Report released by NGX Regulation Limited, the compliance enforcement arm of the NGX Group.

The report published on February 20, 2026 shows that the insurance sector accounted for more than 70% of total compliance breaches, making it the least compliant sector in terms of financial reporting standards.

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The scale and trend of the sanctions, which reveal persistent reporting delays across much of the insurance industry, have raised concerns about governance standards in a sector currently undergoing regulator-mandated recapitalisation.

What the data is saying

Nairametrics’ analysis of the sanctions shows that the top three delinquent filers — Mutual Benefits Assurance (N67.44 million), African Alliance Insurance (N48.6 million), and Universal Insurance Plc (N47.1 million) — accounted for N168.14 million in cumulative fines. This represents 43.2% of the total N378 million penalties imposed on the 13 insurers.

• Mutual Benefits paid N11 million for filing its 2024 Audited Financial Statements (AFS) on July 9, 2025, instead of the December 31, 2024 deadline.
• It also paid a discounted N53.640 million penalty for late submission of its 2023 AFS and 2024 first to third quarter Unaudited Financial Statements (UFS).
• An additional N2.8 million was paid for filing its 2025 first quarter UFS on July 28 instead of the December deadline.

The remaining ten non-compliant insurers accounted for N214.86 million, representing 56.84% of total fines, with Regency Alliance Insurance Plc alone incurring N28 million in cumulative penalties.

• Regency Alliance paid N9.8 million for filing its 2024 AFS on September 2, 2025, instead of December 31, 2024.
• It paid N7.8 million for late submission of its 2023 AFS, filed on September 16, 2024, instead of the December deadline.
• The company also paid N400,000 for its 2025 second quarter UFS and N10 million for its 2025 first quarter UFS, both filed in early September 2025 instead of December.

These figures highlight persistent delays in statutory financial disclosures within the insurance segment.

More insights

Beyond the top offenders, other insurers also recorded multiple defaults in their filings. The pattern of delayed submissions cut across both audited annual accounts and interim quarterly reports.

• Prestige Assurance Plc paid N12.1 million in multiple penalties.
• Cornerstone Insurance incurred N10.2 million in double defaults, while Sovereign Trust Insurance Plc paid N4.4 million for similar breaches.
• International Energy Insurance was fined N28.2 million in a one-off penalty for its 2024 AFS, which was due in December 2024 but filed on September 30, 2025.

The oil and gas sector ranked second in total penalties, driven largely by repeated breaches from Oando Plc and Conoil Plc.

• Oando accounted for N95 million in fines across multiple filing defaults.
• Conoil was fined N27.4 million for similar breaches.
• In contrast, TotalEnergies Marketing Nigeria Plc recorded a relatively minor sanction after filing its accounts earlier than its peers.

Banks and other 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.

What you should know

The X-Compliance Report is a transparency initiative of NGX Regulation Limited aimed at maintaining market integrity and protecting investors by publishing compliance-related information on all listed companies. It provides a structured overview of companies that have either complied with or defaulted on their disclosure obligations.

• Schedule 1 of the report lists companies that have filed or failed to file their financial statements via the NGX Issuers’ Portal.
• Schedule 2 highlights early filers of quarterly and audited financial statements.

Early filers are companies that submit interim financial statements at least two weeks before the due date and audited financial statements at least four weeks before the due date.

Under the Rules for Filing of Accounts and Treatment of Default Filing in the NGX Rulebook (Issuers’ Rules), all listed companies are required to submit their financial statements within stipulated timelines, with NGX RegCo identifying compliant firms in Schedule 2 as those that have met the minimum listing standards for timely disclosure.

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