Eight companies have been suspended by the Nigerian Exchange (NGX) for not filing their audited financial accounts in accordance with regulatory requirements.
The companies listed below include C & I Leasing, Guinea Insurance, Lasaco Assurance Plc, Mutual Benefits Assurance, and NPF Microfinance Bank Plc. Their shares have essentially ceased trading as of July 8. The others are Unity Bank Plc, Secure Electronic Technology, and Regency Alliance Insurance.
As per NGX, the eight firms’ shares have been blocked from trading on Nigerian Exchange Limited’s facilities as of today, Monday, July 8, 2024, due to their failure to file their audited financial statements for the year that concluded on December 31, 2023.
In accordance with the default filing rules, the suspension of trading in the shares of the above-mentioned companies shall be lifted upon the submission of the relevant accounts.
The default filing rules provide that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will send a second filing deficiency notification within two (2) business days to the issuer.
The rule authorised the regulator to suspend trading in the issuer’s securities and notify the Securities and Exchange Commission and the market within twenty-four hours of the suspension.
