NGX has listed penalties of ₦123.17 million against 15 companies for filing their financial statements late. ₦87.30M relates to audited accounts. ₦35.87M relates to interim reports. Some companies appear more than once. Experts quoted say fines alone may not be enough, and some suggest involving the SEC or even delisting. Why I care as an investor: Financial statements are how I check profits, debt and cash flow. If a company files late, I can't check any of it on time. Late filing is a red flag, not proof of a problem. A delay can be an admin issue, or something bigger. I read the explanation. A fine can be small for a big company. One expert pointed out a ₦10.4M penalty is a tiny fraction of a firm's pre-tax profit. Delisting isn't simple either. It can make it harder for existing shareholders to sell. What I do: Before buying, I check whether the company files on time, and I look at past years too. A pattern matters more than one late year. Source: Nairametrics, Oct 21, 2026, citing the NGX RegCo X-Compliance Report.