The NGX Regulation Limited has suspended trading in the shares of nine (9) listed companies on the Nigerian Exchange due to the failure of the issuers to file relevant accounts.
According to the Exchange, trading in the shares of the nine listed companies below have been suspended from the facilities of the Nigerian Exchange Limited (the Exchange) until further notice.
- African Alliance Insurance Plc
- Niger Insurance Plc
- Royal Exchange Plc
- Ekocorp Plc
- C & I Leasing Plc
- Mutual Benefits Assurance Plc
- Coronation Insurance Plc
- Premier Paints Plc
- Ardova Plc
NGX Regulation said the suspension of trading in the shares of the above mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX.
It said the suspension is in “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that: if an Issuer fails to file the relevant accounts by the expiration of the Cure Period , The Exchange will: a) Send to the Issuer a second Filing Deficiency Notification, within two (2) business days after the end of the Cure Period; b) Suspend trading in the Issuer’s securities; and c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
“In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
