By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Wema Bank Plc, Conoil Plc and 33 other Companies listed on the Floor of the Nigerian Stock Exchange (NSE) are yet to render their 2011 Annual Accounts.

This is contained in the NSE’s X-Compliance Report as at June 14 2012 and obtained by www.investadvocateng.com in Lagos Nigeria.

According to X-Compliance Report of the Nigeria’s Exchange, a breakdown of these shows that out of the total number of 35 Companies that are yet to render its Audited Result for year 2011, 21 are awaiting Regulatory Approval, (ARA) while 14 are performing below listings standard (BLS).

Also, the X-Compliance Report of the NSE shows that 11 Firms are yet to release that of year 2010 and are performing below listings standard, while two (2) are yet to release their Annual Accounts for 2009; also performing below listings standard.

One (1) Company yet to release 2008, two (2) 2006 and three (3) having Regulatory Issues and all performing below listing standards respectively.

As earlier reported, in April, the Nigeria’s Exchange unveiled a Report known as X-Compliance Report as part of its ongoing regulatory program to enhance transparency and disclosure.

The Report launched on its website on April 16, 2012 has four (4) identification symbols that indicate the compliance status of listed entities.

The X-Compliance Report also notifies the public when a company is embarking on capital reconstruction, delisting (whether voluntary or regulatory) or restructuring.

According to the NSE, it believes that the timely disclosure of financial information and on-going event disclosure is critical to stakeholders in the Capital Market as well as investors.

The NSE said consequently, Companies that miss their financial filing dates or contravene any of the provisions of the Post Listing Rules will have the symbol BLS (Below Listings Standard) appended to their name. The symbol remains in effect until the company regularises its compliance status.

Also, the symbol ARA (Awaiting Regulatory Approval) is appended to the names of companies that are awaiting primary regulator’s approval and have consequently missed their financial filing date. “The symbol remains until regulatory approval is obtained and financial information is released to the public” the NSE said.

While those that have indicated that they will be delisting or companies that are being delisted at the instance of the Regulator pursuant to Clause 15 of Appendix III of the Post- Listing Rules, the symbol DIP (Delisting in Process) will be appended to their names.

Click here to download NSE’s X-Compliant Report as at June 14 2012