Twenty-two listed companies were sanctioned for late filing of interim/unaudited financial statements (UFS), while 31 default filings on audited financial statements (AFS) drew additional penalties, bringing the total number of NGX default-filing breaches in the 2025 and 2026 cycles to 59, with cumulative sanctions of N325.47 million.
This is according to NGX RegCo’s Schedule 6 disclosures, published under the Exchange’s Rules for Filing of Accounts and Treatment of Default Filing.
To keep the focus largely on 2025 and 2026 filing breaches, a single 2023 AFS penalty involving Mutual Benefits Assurance’s N53.64 million sanction has been excluded here.
Insurance companies dominate the list of highest-sanctioned firms, led by International Energy Insurance and Universal Insurance, both of which appear more than once across the AFS and UFS categories.
International Energy Insurance (IEI) Plc drew the single highest cumulative sanction in review period totaling N56 million across three breaches:
N28.2 million for its 2024 AFS default (filed 30 September 2025) plus N27.8 million across two 2025 UFS defaults (Q1 and Q2, both filed 30 September 2025).
Universal Insurance — N41.3 million: N22.0 million for its 2024 AFS default (filed 2 September 2025) plus N19.3 million across its 2025 Q1 and Q2 UFS defaults, both filed 2 September 2025.
Regency Alliance Insurance — N27.5 million: The most frequently sanctioned company, appearing across both AFS years (N2.5m for 2025, N9.8m for 2024) and four separate UFS filings spanning 2025 and 2026 (N15.2m combined).
Legend Internet — N16.8 million: Two 2026 defaults: N9.2 million for its Q2 filing (submitted 1 June 2026) and N7.6 million for its Q3 filing (submitted 14 August 2026).
Oando Plc — N18.3 million: N10.4 million for its 2025 AFS default (filed 6 July 2026) plus N7.9 million for its 2024 AFS default (filed 4 June 2025).
Jaiz Bank — N22.0 million: N4.5 million (2025 AFS) plus N9.6 million (2024 AFS) plus N1.6 million (2026 Q1 UFS) plus N6.3 million (2025 Q1 UFS).
Cornerstone Insurance — N19.9 million: N7.8 million (2025 AFS), N6.6 million (2024 AFS), and N1.9 million (2026 Q1 UFS), plus N3.6 million (2025 Q1 UFS).
Caverton Offshore Support Group — N19.2 million: N11.4 million for its 2025 AFS default (filed 11 July 2026) plus N7.8 million for its 2026 Q1 UFS default (filed 17 July 2026).
Prestige Assurance — N16.6 million: N4.5 million (2025 AFS), N5.1 million (2024 AFS), and N7.0 million combined across its 2025 Q1 and Q2 UFS defaults.
Fidelity Bank — N14.0 million: N4.2 million for its 2025 AFS default, plus N9.8 million across two 2025 UFS defaults (Q2 and Q3).
Audited Financial Statements (AFS) sanctions for 2024 and 2025 total N186.4 million across 31 default filings:
UFS breaches span the 2025 and 2026 filing cycles, totaling N139.07 million across 28 default filings by 22 companies:
What separates the top 10 from the rest of the default list is repetition rather than a single large fine.
Nine of the ten highest-sanctioned companies above appear more than once across the AFS and UFS categories — only Legend Internet’s N16.8 million is concentrated entirely within a single filing year (2026), and even that spans two separate quarterly defaults.
Only three banks were sanctioned including: Jaiz Bank, Sterling Financial Holdings, and Fidelity Bank — with Jaiz Bank and Fidelity Bank both making the top 10 through repeated defaults rather than a single large penalty.
These are default-filing sanctions under Schedule 6 of the NGX RegCo’s X-Compliance report. NGX rules require audited financial statements within 90 days of a company’s financial year-end and interim/unaudited statements within 30 days of each quarter’s close, with penalties applying automatically once a default is recorded.
Not every sanctioned company remains in default. Mutual Benefits Assurance told Nairametrics in March 2026 that it had since regularised its outstanding filings and was fully compliant with NGX listing rules.
