By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-International Energy Insurance Plc (IEI) operating in the Insurance Sector of the Nigerian Stock Exchange (NSE) is the only Company that is remaining on the list of Firms placed on Technical Suspension by the NSE for non-rendition of Accounts.
The Firm has been on Technical Suspension as at September 05 2011 for non-rendition of its year 2010 Annual Reports to the Nigeria’s Exchange.
IEI is the only Insurance Company amongst 10 placed on Technical Suspension and the only Firm remaining out of the list of 48 Companies Suspended.
On July 01 2011 the Nigeria’s Exchange placed on Technical Suspension 48 Firms for failing to meet up with the March 31 2011 deadline issued to Quoted Companies to submit their Financial Results for the review period. The Technical Suspension came three months after the March 31 2011 deadline.
As earlier reported, following the suspension of these Companies, the NSE in a Statement July 01 2011 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.
