The Nigerian Stock Market has confirmed the suspension of trading activities on 17 quoted firms across the Insurance, Health, Financial, and Consumer Goods Sectors.
Acting Head, Listings Regulation Department of the NSE, Godstime Iwenekhai, in a market bulletin published on the Bourse’s official website stated that the companies were suspended for default in filings
The bulletin, addressed to dealing members, stated “that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states 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”, trading in the shares of the following seventeen (17) companies have been suspended today, 5 July 2017″
The affected companies are African Alliance Insurance Plc, Equity Assurance Plc, Fortis Microfinance Bank Plc, Guinea Insurance Plc, Premier Paints Plc, Resort Savings & Loans, Sovereign Trust Insurance Plc 8. African Paints (Nigeria) Plc, Aso Savings & Loans Plc, Ekocorp Plc, Evans Medical Plc, Goldlink Insurance Plc.
Great Nigeria Insurance Plc, Omatek Ventures Plc, Union Dicon Salt Plc, Union Homes Savings & Loans Plc and Universal Insurance Company Plc are also included in the list of suspended companies.
Godstime noted that in accordance with the rules set forth, the suspension of the afore-listed companies will only be lifted upon the submission of the relevant accounts, “provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.”
