The Nigerian Exchange Limited (NGX) has imposed N378 million in fines on 13 listed insurance companies for breaches related to the filing of audited and unaudited financial statements.
The sanctions were disclosed in the latest X-Compliance Report issued by NGX Regulation Limited, the compliance enforcement arm of the NGX Group.
Published on February 20, 2026, the report shows that the insurance sector accounted for more than 70 per cent of total compliance breaches, making it the least compliant sector in terms of financial reporting standards.
The scale and trend of the fines highlight persistent reporting delays across much of the insurance industry, raising concerns about governance standards in a sector that is currently undergoing regulator-mandated recapitalisation.
