By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Access Bank Plc has notified the Nigerian Stock Exchange (NSE) that it will submit its Quarterly Accounts late.

This is contained in a notice from the Bank dated Monday August 08 2011 and made available to InvestAdvocate Tuesday in Lagos Nigeria.

According to Access Bank, the reason for the late submission of its Quarterly Accounts is that the Bank currently conducting a Half Year Audit of its Books.

The notice reads thus: “The Bank has notified The Exchange that it is carrying out a Half Year Audit of its Books as a result, its Financial Statements for the period ended June 30, 2011 will be submitted late” the Notice said.

This is coming on the heels of the placing on full suspension Tuesday 02 2011 24 Companies by the Nigeria’s Exchange for   failing to submit their Financial Statements for the Year Ended December 31, 2010.

The Exchange affirmed that by placing them on full suspension, there will be no transactions on the shares of the Companies until the suspension is lifted.

Following this development, Oscar Onyema, the Chief Executive Officer (CEO) of the NSE said it was painful to    place Companies on suspension, “the Exchange would ensure that it enforces its rules” he said.

According to the Nigeria’s Exchange, non-submission of accounts when due is a violation of the Post-Listing Rules of The Exchange as contained in Key Issue No. 5 (Annual Accounts Procedures), which states that “AUDITED ANNUAL ACCOUNTS OF COMPANIES OUGHT TO BE SUBMITTED WITHIN THREE MONTHS OF YEAR END”.

As at the time of filling in this Report, out of the 24 Firms placed on full suspension, five of the Companies have so far complied and have been removed from the list.

The Companies are Morison Industries Plc, Omatek Venutres Plc, United Nigeria Textiles Plc, P.S. Mandrides & Company Plc and Guinea Insurance Plc.