The Nigerian Exchange Limited (NGX) has sanctioned Notore Chemical Industries and 12 other companies for failing to file their financial statements after the regulatory due date, THE WITNESS reports.
According to the Exchange’s X-compliance report obtained by THE WITNESS, Notore and other companies were sanctioned during the current financial year 2022 for failing to meet the regulatory requirements covering third quarter (Q3) of 2021, full year (FY) of 2021 and Q1 2022.
The sanction comes amid questions and panic by Notore’s investors on its ability to continue as a going concern.”
Owned by Delta billionaire, Mr. Onajite Okoloko, Notore is a fertiliser and agro-allied company in Nigeria. The group’s current business comprises fertiliser production, supply and trading of fertiliser, and power.
The X-Compliance Report is a transparency initiative of NGX Regulation Limited (NGX RegCo), which is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
By its listing regulation, companies listed on the NGX are expected to file yearly and quarterly financial reports, 30 days after the end of each quarter. Usually, companies that fall short of this rule are tagged MRF (Missed Regulatory Filing) and the omission often attracts financial sanction.
… Notore Battles To Stay Afloat
A close look at the books of Notore Chemical Industries in the last few years obtained by THE WITNESS from the NGX indicate that the company is indeed troubled and distressed.
This is because the Notore’s investors are still licking their wounds over the abysmal performance the company recorded in year 2021 as it posted N3.27 billion post-tax loss during the period. The agro-allied company also posted N2.88 billion loss in September 2020.
The firm’s financial statement for the 15 months period ended December 2021 (as it failed to publish its fourth quarter result in 2020) showed that though it grew revenue by 36.74% to N25.71 billion at the end of last financial year, it was wiped off by the N28.98 billion it spent to
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