The Nigeria Stock Exchange (NSE) has barred 11 companies from trading their shares on the Exchange for flouting regulations.
Among the affected companies are seven insurance companies and four others who seem to have defaulted in some areas prompting the NSE to take the drastic measure.
The list of the suspended companies includes: Conoil Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, Goldlink Insurance Plc, FTN Cocoa Processors Plc, Universal Insurance Plc, R.T. Briscoe (Nigeria) Plc, Royal Exchange Plc, and Resort Savings & Loans Plc.
According to reports, the suspension was effected by the NSE for the failure of these companies to comply with The Exchange’s Rules for Filing of Accounts and Treatment of Default Filing.
Godstime Iwenekhai, Head, Listings Regulation Department at NSEHe said that the suspension was in accordance with Rule 3, 1, Rules for Filing of Accounts and treatment of default filing, and Rulebook of The Exchange.
“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 business days after the end of the Cure Period.
“The exchange will after the Cure suspend trading in the Issuer’s securities, and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.
“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange,” Iwenekhai stated.
