By Gbenga Agbana

Friday, 19 Nov 2010

Following their inability to meet the post-listing requirements of the Nigerian Stock Exchange, some moribund companies may be delisted from the NSE’s official list next week.

Already, the list of affected companies has been compiled by the management of the NSE and will be presented to the council on Monday for ratification, after which the names will be released to the public.

Speaking with our correspondent on Thursday, the Interim Administrator of the NSE, Mr. Emmanuel Ikazoboh, said the management of the NSE met on the issue on Thursday, noting that the final list would be made available to the council on Monday for approval.

He explained that the companies involved did not comply with the post-listing requirements of the NSE and had been informed earlier through the letters written to them to comply.

The post-listing requirement of the NSE requires companies in the first-tier securities market to submit their results to the NSE at the end of every quarter, while the companies in the second-tier market are required to submit theirs every six months.

According to Ikazoboh, “The management of the NSE may delist some moribund companies next week. The management met today (Thursday), and the list is ready. The list cannot be made public now because it has yet to be approved by the council. We will submit it to the council on Monday for approval, after which the names of the companies involved will be announced.”

The planned delisting, when implemented will be the second time companies will be delisted since Ikazoboh took over from the former Director-General of the NSE, Prof. Ndi Okereke-Onyiuke.

Ikazoboh had informed our correspondent on Wednesday that the management of the NSE would meet with the members of the National Assembly next week to brief them on the operations of the stock market since he took over from the former management.

He added that the Annual General Meeting of the NSE would also hold next week to review the 2009 accounts of the Exchange.

 

Source: Punch