The Nigerian Stock Exchange (NSE) has suspended Thomas Wyatt Nigeria Plc from trading its shares.
The Head of NSE Listing Regulation Department, Lilian Dako, in a statement on Friday said the failure of the company to file its audited financial statements for the year ended March 31, 2020, led to the suspension of the company.
The exchange said, “The suspension of trading in the shares of Thomas Wyatt 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.”
According to the statement, the suspension takes effect on January 6, 2021, and it is in pursuant to the NSE’s rule 3.1 of the rules for filing of accounts and treatment of default filing, also known as default filing rules.
The NSE rule stipulates that if an issuer failed to file the relevant accounts by the expiration of the cure period, the exchange will “send to the issuer a ‘second filing deficiency notification’ within two business days after the end of the cure period; suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
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According to the bourse, the NSE listing and regulatory rules demands that all quoted companies submit their annual audited report and financial statement not later than 90 days after the end of the financial year.
The NSE said companies that delayed in filing their financial statements and accounts risk suspension, delisting and monetary fines.
Thomas Wyatt Nigeria Plc was among the companies suspended in 2018 for not filing its outstanding interim financial statements to the exchange and was reinstated in 2019.
