BY NKECHI NAECHE-ESEZOBOR—LASACO Assurance Plc has paid N7.293million as fine to the Nigerian Exchange Group and Federal Island Revenue Service( FIRS) in 2022 for failure to file it’s account and returns before the regulatory due date.
BusinessTodayNG learnt from the financial statement for the year ended 31st December, 2022 released to the Nigerian Exchange Group, that NGX Regulatory Limited fined the insurer N5.3 million for late submission of 2021 audited financial statements.
While on the other hand FIRS fined the insurer N1.993 million for late filing of 2020 annual returns, bringing the total fine to N7.293million.
It would be recalled that in 2016 and 2017 respectively, LASACO Assurance was fined N8.525million by the Nigerian Stock Exchange now NGX.
According to the breakdown, LASACO paid a monetary fine of N5 million in 2016 and N3.525 million in 2017 for late submission of its annual returns.
Also Read: LASACO Assurance Profit Decline To N181.387million In Q1 2021
Also in 2019 LASACO was fined N300,000 for failure to file it’s first quarter result before the regulatory due date. which forced the NSE ( now NGX) to apply sanctions in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).
With the above the insurer has paid a total of N14.125million as fine to NGX in four years.
On possible litigation the company said” the Company operates in the insurance industry and is subject to legal proceeding in the normal course of business. While it is not practicable to forecast or determine the final results of all pending or threatened legal proceedings, management does not believe that such proceedings (including litigation) will have a material effect on its results.”
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