03 July 2019 : Seven Insurance companies and four others have been temporarily banned from trading in shares owing to their failure to file relevant accounts by the expiration of the Cure Period.
Godstime Iwenekhai, Head, Listings Regulation Department at NSE, issued a statement yesterday explaining the rules and why trading shares has been suspended.
The statement reads “ “Notification of Suspension of Eleven (11) Listed Companies Dealing Members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“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 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,”.
The companies are:
- Conoil Plc
- FTN Cocoa Processors Plc
- Goldlink Insurance Plc
- Guinea Insurance Plc
- Lasaco Assurance Plc
- Niger Insurance Plc
- R.T. Briscoe (Nigeria) Plc
- Resort Savings & Loans Plc
- Royal Exchange Plc
- Standard Alliance Insurance Plc
- Universal Insurance Plc
Reporting for EasyKobo on Wednesday , 03 July 2019 in Lagos, Nigeria