•Traders on the Nigerian Exchange (NGX) trading floor, Lagos
Quoted companies are scrambling to finalise their financial statements and reports in last-minute efforts to meet Friday’s deadline for the submission of interim earnings reports for the first six months of this year.
Check by our correspondent yesterday indicated that less than 35 per cent of companies expected to submit their reports have submitted, reports The Nation.
All the companies are required to meet the July 30, 2026 deadline or risk sanctions that range from N100,000 to N100 million and a “name-and-shame” tagging that flags non-compliant companies as below acceptable corporate governance standards.
At least, 30 companies were sanctioned for failing to meet deadline in 2025, while more than 10 others were fined for similar corporate governance breach in first quarter of this year.
Regulatory filings at the Nigerian Exchange (NGX) showed that directors of several quoted companies would be meeting over the next few days to consider the interim report and accounts for the half year ended June 30, 2023.
The boards of Eternal Plc and Meyer Plc are meeting today. The boards of May & Baker Nigeria Plc, The Initiates Plc, DAAR Communications Plc and Omatek Plc are meeting tomorrow.
Cornerstone Insurance and Honeywell Flour Mills Plc among others are scheduled to meet on Wednesday.
Also, Seplat Energy Plc is scheduled to release its half-year results on Thursday, same day that directors of Nigerian Breweries Plc and Meyer Plc would consider and approve their six-month results.
Post-listing rules at the NGX require quoted companies to submit interim or quarterly report not later than 30 calendar days after the end of the relevant period.
Most quoted companies, including banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year.
The deadline for the six-month period ended June 30, 2026 is thus Thursday, July 30, 2026.
However, where the company chooses to audit its quarterly accounts, it shall be required to file such accounts not later than 60 calendar days after the relevant quarter.
There are about seven companies, majorly large-cap banks that typically undertake audit of half-year results, a requirement for interim dividend payment.
While the rules allow the Exchange to grant specific waiver to relevant companies or a general waiver of the deadline under some specific circumstances, a source in the know of the requirements said there was no issue that warrants consideration for a general waiver.
General waiver is usually given in the event of general disruption to industrial activities such as strike, national crises, many public holidays and other circumstances that in the judgment of the Exchange may significantly impact the 30-day timeline given to companies to prepare and submit the quarterly report.
Companies that delayed their financial statements and accounts also face threats of suspension and delisting in addition to the monetary fines.
Last week, the NGX suspended trading in the shares of Aluminium Extrusion Plc. after the company failed to file its audited report and accounts for the 2025 business year after 90 days of extension.
Under the Rules for Filing of Accounts and Treatment of Default Filing, Rule 3.1 of the NGX, if a company fails to file the relevant accounts by the expiration of a 90-day grace period, the NGX is mandated to send “second filing deficiency notification” within two business days to the company, suspend trading in the company’s shares and notify the Securities and Exchange Commission (SEC) and the entire market within 24 hours.
Golden Guinea Breweries Plc. is also currently under suspension due to failure to meet deadline for submission of results.
NGX Group declares interim dividend on strong earnings
The board of Nigerian Exchange Group (NGX Group) Plc has declared an interim dividend of N1.30 per share, after the company recorded remarkable growth in income and profitability.
Key extracts of the six-month report for the period ended June 30, 2026 showed that turnover rose by 118 per cent while profit jumped by 170 per cent.
Total revenue rose to N17.60 billion in first half 2026, as against N8.08 billion in corresponding period of 2025. Total income grew by 96 per cent to N19.34 billion.
The performance was driven principally by increased market activity, with transaction fees rising by 169 per cent to N13.34 billion from N4.96 billion.
Listing fees rose by 59 per cent to N2.38 billion, while technology income rose by 19 per cent to N447.86 million.
Operating profit increased by 155 per cent to N10.62 billion, compared with N4.16 billion in the corresponding period.
This reflected strong operating leverage, as growth in income significantly outpaced the increase in operating expenses.
The group also recorded 130 per cent increase in its share of profit from equity-accounted investees to N4.14 billion, driven primarily by the strong performance of Central Securities Clearing System Plc.
Profit before tax increased by 170 per cent to N14.76 billion, from N5.46 billion in first half 2025. Profit after tax rose by 146 per cent to N10.36 billion in first half 2026, compared with N4.22 billion in first half 2025.
The report showed that NGX Group’s balance sheet remained robust with total assets rising to N75.87 billion by June 2026, while shareholders’ equity increased from N55.20 billion in December 2025 to N60.49 billion by June 2026.
NGX Group Chairman Umaru Kwairanga, said the dividend reflected the quality of the group’s earnings, improved cash generation and the board’s confidence in the sustainability of NGX Group’s growth trajectory.
He said: “The board’s approval of an interim dividend of N1.30 per share reflects the strength of NGX Group’s first-half performance and our confidence in the Group’s long-term prospects. We are encouraged by the significant growth recorded across the business and by the increasing contribution of companies within the group’s investment portfolio.
“The board remains committed to balancing attractive returns to shareholders with continued investment in the infrastructure, technology and strategic initiatives required to deepen Nigeria’s capital market and position NGX Group for sustainable growth,” Kwairanga said.
Group Managing Director, of the NGX Group Plc, Mr. Temi Popoola, said the first half performance demonstrated the strength and scalability of NGX Group’s business model.
Popoola said: “Revenue growth was supported by significantly higher transaction activity, increased listing income and stronger contributions from our investee companies, while disciplined execution enabled us to translate this growth into substantially improved profitability.
“We remain focused on sustaining this momentum by deepening market liquidity, expanding investor participation, accelerating the development of technology-enabled products and building a more diversified financial market infrastructure group.
“The N1.30 interim dividend reflects both the progress made and our confidence in the group’s capacity to deliver sustainable long-term value.”
