NGX Fines 13 Insurers N378 Million for Reporting Breaches

The Nigerian Exchange (NGX) has imposed a total penalty of N378 million on 13 insurance companies due to breaches in reporting requirements. A report published on February 20, 2026, indicates that the insurance sector is the least compliant, accounting for 70% of total compliance breaches.

The top three companies facing penalties are Mutual Benefit Assurance, which incurred N67.44 million, African Alliance Insurance with N48.6 million, and Universal Insurance PLC at N47.1 million, collectively accounting for N168.14 million or 43.2% of the total fines. Additionally, 10 insurers remain non-compliant, with Regency Alliance Insurance PLC alone incurring N28 million in penalties.

The report highlights ongoing delays in statutory financial disclosures within the insurance sector, raising concerns about adherence to regulatory standards. The NGX compliance framework requires companies to submit interim financial statements at least two weeks before the due date and audited financial statements at least four weeks prior.