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    Prosecutors demand six-year prison sentence for Simon Ekpa

    Prosecutors demand six-year prison sentence for Simon Ekpa

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

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    Wike describes Seyi Makinde as chief architect of PDP problems

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

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    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

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    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

    Skyway Aviation Handling Company Plc announces N0.6 final dividend for 2024 FY

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    Dangote Refinery reduces petrol price by N15 nationwide

    Jaiz Bank Plc Board of Directors propose over N830 mn as dividend for 2020

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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NSE Lists 13 defaulting companies, warns Investors to trade with caution

Wednesday, 8 July 2020, 9:31 pm
in Markets, Stocks/Equities
0
Nigerian Stock Market Review and Stock pick for the week ahead 28th June – 3rd July 2020
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The Nigerian Stock Exchange on Wednesday, 8 July disclosed that the 13 companies have failed to comply with the directives of the Exchange to issue a Press Release as stated in the Deficiency Filling Notice (DFN) issued to the companies.

The underlisted companies have failed to submit unaudited financial statements, due on 29 June 2020  (which was an extended due date) to the exchange.

Among the defaulting companies are Union Dicon Salt Plc and FTN Cocoa Processors Plc. These two companies are yet to file their financial statements for the period ended 31 December 2019.

This was contained in a press release signed by the Exchange’s Head, Listings Regulations Department, Godstime Iwenekhai on Wednesday 8 July.

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“These companies have violated Rule 1.1.2, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“the Rules”), which provides that “Every Issuer shall file its unaudited quarterly accounts not later than thirty (30) calendar days after the relevant quarter, and publish it within five (5) business days after the date of filing, in at least two (2) national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. An electronic copy of the publication shall be filed with The Exchange on the same day as the newspaper publication.”

Pursuant to the provisions of Rule 2.2.1 of the Rules, The Exchange had issued a DFN to the aforementioned companies, however the defaulting companies failed to comply with The Exchange’s directives set forth in the DFN.

In light this continued default by these companies, the Exchange is advising “Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them.”

According to the press release, the Exchange will continue to engage with these companies. Nevertheless, if the companies fail to file the unaudited financial statements within the ninety-day cure period stipulated by Rule 3.1 of the Rules, i.e. 27 September 2020: the Exchange will “suspend trading in the companies’ securities” after it has issued the companies “Second Filing Deficiency Notification.”

Written by;

Ifunanya Ikueze

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