Non-Submission of Accounts: NSE Suspends 17 Firms From Trading
By Nse Anthony-Uko
(Sundiata Post) – Trading in the shares of 17 companies listed on the Nigerian Stock Exchange (NSE) have been suspended by the NSE management.
The firms received the suspension following their failure to file relevant accounts to the stock market regulator as required by law.
The affected companies are African Alliance Insurance Plc, African Paints (Nigeria) Plc, Aso Savings & Loans Plc, Ekocorp Plc, Evans Medical Plc, Equity Assurance Plc, Fortis Microfinance Bank Plc, Goldlink Insurance Plc, Great Nigeria Insurance Plc, and Guinea Insurance Plc.
Others are Omatek Ventures Plc, Premier Paints Plc, Resort Savings & Loans, Sovereign Trust Insurance Plc, Union Dicon Salt Plc, Union Homes Savings & Loans Plc, and Universal Insurance Company Plc.
According to information reaching us, the effective day of the suspension was from Wednesday, July 5, 2017.
Section 3.1(b) of the Rulebook of the NSE states that “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: suspend trading in the Issuer’s securities.”
However, the suspension is expected to be lifted after the affected companies file the required accounts they earlier failed to submit.
“The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.
“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted,” Section 3.3 of the same rulebook states.