By Peter OBIORA investadvocate

Lagos (INVESTADVOCATE)-Eighteen Quoted Companies are still on full suspension by the Nigerian Stock Exchange (NSE) for non-rendition of their 2010 Financial Year End (FYE) results.

The Firms were among the 48 placed on Technical Suspension July 01 2011 for failing to meet up with the March 31 2011 deadline issued by the NSE to submit their Financial Results. The Technical Suspension came three months after the March 31 2011 deadline.

As at July 2011, 20 of the 48 Firms complied after a one month’s grace by the Nigeria’s Exchange; remaining 28 Companies.

However, on Tuesday 02 August 2011, 24 Quoted Firms were placed on full suspension by the Nigeria’s Exchange. So far, suspensions on six of the Companies have been lifted; while the other 18 Companies are still on the suspension list.

A breakdown of the sectors affected shows that four Companies are from the Insurance Sector, two each from the Construction and Packaging Sectors, two from the Information Communication and Telecoms Sector, one each from the Mortgage, Media, Food/Beverages & Tobacco, Chemical & Paints, Footware, Hotel & Tourism, Industrial & Domestic Product, Mortgage and Petroleum Marketing.

Among the Companies that are yet to comply include IPWA Plc, Union DICON Salt Plc, Lennards Plc, Ikeja Hotel Plc, Aluminium Manufacturing Company of Nigeria Plc, Etranzact Plc, First Assurance Plc, African Alliance Plc and Great Nigeria Insurance Plc.

Others are MTI Plc, Investment and Allied Assurance Plc, Daar Communications Plc, West African Glass Industries Plc, and Afroil Plc, Costain West Africa Plc, G Cappa Plc, Union Homes Savings & Loans Plc and Poly Products Nigeria Plc.

As earlier reported, the NSE in its July 01 Statement affirmed that the action was in Pursuant to Article 90 of The Exchange’s rules, which states that the NSE may at its discretion at any time suspend or lift suspension in trading in particular securities, “these companies’ stocks will be on Technical Suspension for the next one month; after which The Exchange reserves the right to take further action” the Statement said.

Oscar Onyema, the Chief Executive Officer (CEO) of the NSE in a brief chat with InvestAdvocate in Lagos Nigeria said as the shares of these Companies cannot be bought or sold on the Floor of the Nigeria’s Exchange until they comply and failure to still do so; will mean they are set to be delisted from the NSE.

Below is a list of the 18 Companies listed on the website of the NSE AS AT SEPTEMBER 05 2011