NSE Council sanctions 57 erring quoted companies


The National Council of The Nigerian Stock Exchange, in pursuant of investor-confidence building has approved suspension of some quoted companies while others have been placed on watch list.


The affected companies have defaulted in post-listing requirements, especially in financial reporting of their operations and payment of annual listing fees.


Consequently, the following companies have been placed on full suspension (there will be no transaction on their shares) for failure to render 2008 audited accounts as at 6th September 2010:


Wiggins Teape Nigeria Plc

Jos International Breweries Plc

Hallmark Paper Products Plc

Okitipupa Oil Palm Plc

Nigerian Wire & Cable Plc

Union Dicon Salt Plc

Ekocorp Plc

Nigercem Plc

Golden Guinea Breweries Plc

Daily Times of Nigeria Plc

Albarka Air Plc

Foremost Dairies Plc

Arbico Plc

First Capital Invest Trust Plc

Stokvis Plc


The Council also directed that if by Monday, 11th October, they fail to render their arrears of audited and interim accounts, The Exchange shall commence formal de-listment process on them. For failure to submit their 2009 financial statements, the following 28 companies would be placed on technical suspension (there will be trading but not price movement on their shares) as from Monday, October 4, 2010:


Lennards Nigeria Plc

PS Mandrides Co. Plc

Aluminum Manufacturing Co. of Nigeria Plc

Chams Plc

Ikeja Hotels Plc

Nigerian-German Chemical Plc

Pharma Deko Plc

Studio Press Nigeria Plc

Tourist Company of Nigeria Plc

Union Diagnostic & Clinical Services Plc

Nigeria Energy Sector Fund Plc

Vono Products Plc

M-Tech Plc

G. Cappa Plc

Nigerian Wire Industries Plc

Interlinked Technologies Plc

Big Treat Plc


African Petroleum Plc

Conoil Plc

Nigerian Ropes Plc


Dangote Flour Mills Plc

Evans Medical Plc

Daar Communications Plc

Crusader Plc


Nigerian Sewing machine Manufacturing Co. Plc


On the Emerging market platform, the following companies have been directed to regularize their status in the areas of audited accounts, evidence of recapitalization and payment of outstanding listing fees. Failure to conclude the regularization by 11th October 2010, The Exchange would commence de-listing process against them.


Flexible Mineral Plc

Krabo Plc

New Pak Plc

Tropical Petroleum Plc

West African Aluminum Plc


Furthermore, the following companies have been placed on WATCH LIST to enable them complete their recapitalization activities, submit outstanding financial accounts (audited and interim), hold their Annual General Meetings, clear all regulatory issues with the Securities & Exchange Commission (SEC) and have a satisfactory site visit report from The Exchange.


Afrik Pharmaceuticals Plc

Anino Plc

Rak Unity

Rokana Plc

Smart Products Plc

Udeofson Garment Plc

Union Ventures & Petroleum Plc


The Exchange shall continue to enforce compliance with its post-listing requirements in order to ensure regular information flow between the market and the investing public.



Sola Oni

Head, Corporate Communications

September 7, 2010






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