The Nigerian Stock Exchange has declared MTI Plc, Deap Capital Management and Trust Plc and 12 other listed companies as financially insolvent.

A statement posted on the NSE site on Tuesday said that the companies were declared insolvent following their inability to submit their financial results as at the time due.

The affected companies, according to the Exchange, failed to submit their financial statements for the 2011 financial year, despite reminders sent to them concerning this.

It noted that Deap Capital, for instance, which had its financial year end in September 2011, had failed to submit its results to the Exchange to date, while MTI, with its December 2011 year end, also defaulted in submitting its results.

According to the statement, other companies that also fell into that category included Hallmark Paper Products Plc, Aluminium Manufacturing of Nigeria Plc, Union Dicon Salt Plc, West African Aluminium Products Plc and Nigerian Wire Industries Plc.

It added that other companies identified as financially insolvent and were undergoing restructuring included Golden Guinea Breweries Plc, Rak Unity Petroleum Plc, Udeofson Garment Factory, Abplast Products Plc, Jos International Breweries Plc, Nigerian Sewing Machine Company Plc, Stokvis Nigeria Plc, Union Ventures and Petroleum Plc.

The document stated that of the 195 equities listed on the Exchange, only 66 per cent have submitted their financial statement, while 34 companies are yet to submit their results due to various reasons.

Pinnacle Point Group and Cappa & D’Alberto Plc’s failure to submit their results, according to the NSE was due to the fact that they were in the process of been delisted, while Costain (West Africa) Plc’s inability to comply with the post-listing regulation was as a result of an incomplete accounting software.

Lennards (Nigeria) Plc, Capital Oil Plc and Rokana Industries Plc, according to NSE, have “down operations,” while Afroil Plc and Mtech Communications Plc had been under the Interim management of the Securities and Exchange Commission.

It added that Daar Communications Plc and Ekocorp Plc were facing various forms of litigations.

The NSE said the inability of 23 companies to submit their financial statements was due to the fact that they were awaiting the clearance and approval of the various regulatory authorities.

The companies included African Alliance Insurance Plc, Cornerstone Insurance Plc, Crusader (Nigeria) Plc, Equity Assurance Plc, Goldlink Insurance Plc, Great Nigeria Plc, Guinea Insurance Plc, International Energy Insurance Plc, Investment and Allied Assurance Plc, Law Union and Rock Insurance, Linkage Assurance Plc, Mutual Benefits Assurance Plc, Niger Insurance Plc and Regency Alliance Insurance Plc.

Source: Punch/Udeme Ekwere