By Ify Onye InvestAdvocate

Corrected version of story

Lagos (INVESTADVOCATE)-Twelve (12) Quoted Companies on the Nigerian Stock Exchange (NSE) now risk delisting over non-rendition of their 2010 Financial Year End Accounts.

The list of the Firms was obtained by www.investadvocateng.com Thursday at the Nigeria’s Exchange in Lagos Nigeria.

The NSE affirms that the Companies has been on full suspension as at September 05 2011 for non-rendition of their year 2010 Annual Reports to the Nigeria’s Exchange.

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.

Prominent on the list originally suspended in July 01 2011 are Union Dicon Salt Plc and Investment & Allied Insurance; both operating on the Food/Beverages & Tobacco and Insurance Sectors of the Nigeria’s Exchange respectively.

Other Firms on the list of full suspension for non-rendition of their 2010 FYE include IPWA Plc, Lennards, Aluminum Manufacturing Company of Nigeria Plc, African Alliance Insurance Plc, MTI Plc, West Africa Glass Industry Plc and Afroil Plc; making it a total number of 13 Companies on Full Suspension.

Meanwhile IPWA Plc today released its 2010 Audited Year End to the NSE and may no longer risk delisting. With IPWA out of the list, the total number of Companies on Full Suspension is now 12.

Still on full suspension for non-rendition of their Accounts for the period ended March 2011 are Costain West Africa Plc, G. Cappa Plc; both on the construction Sector of the NSE and Union Homes Savings & Loans Plc and Poly Products Nigeria Plc both operating on the Mortgage and Packing Sectors respectively of the Nigeria’s Exchange.

Oscar Onyema, the Chief Executive Officer (CEO) of the NSE had in a brief chat earlier with www.investadvocateng.com 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.

In late November www.investadvocateng.com reported that International Energy Insurance Plc (IEI) operating in the Insurance Sector of the Nigeria’s Exchange was 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.

IEI was the only Insurance Company amongst 10 placed on Technical Suspension and the only Firm remaining out of the list of 48 Companies Suspended.

As at the time of filling in this Report, www.investadvocateng.com could not confirm if the Company has finally complied.