By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-11 Insurance Companies Listed on the Floor of the Nigerian Stock Exchange (NSE) is reported to be operating Below Listing Standards (BLS).
This is contained in the X-Compliance Report of the Nigeria’s Exchange dated October 16 2012 and made available by www.investadvocateng.com in Lagos Nigeria.
Among the list are African Alliance Insurance Plc, Equity Assurance Plc, Goldlink Insurance Plc, Great Nigeria Insurance Plc, Guinea Insurance Plc and International Energy Insurance Plc.
Others are Mutual Benefit Assurance Plc, Staco Insurance Plc, Standard Alliance Plc, Unic Insurance Plc and Investment & Allied Assurance Plc.
As at October 16 2012, the X-Compliance Report of the NSE shows that 22 Quoted Firms on the Nigerian Bourse are operating Below Listing Standards.
With this figure, the 11 Insurance Companies makeup 68 percent (68%) of Firms Reported to be operating Below Listing Standards of the Nigeria’s Exchange.
10 out of 11 of the Insurance Firms were placed on the BLS List by the NSE for Non Rendition of Audited Financial Statements 2011; while one Investment & Allied Assurance Plc has Regulatory Issue.
The NSE has said that Quoted Companies on its Bourse are required to file their financial statements on a timely basis in accordance with Appendix 111 of the Listing Rules.
The Exchange identified these Insurance Companies and others that makeup the 34 as operating BLS in terms of timely disclosure of their Audited Annual financial performance.
The Nigeria’s Exchange affirms that Sanctions for non-compliance with periodic financial disclosure obligations are clearly spelt out in Appendix 111 of the Listing Rules and has vowed to protect the integrity of its Rules.
As earlier reported, the X-Compliance Report is a transparency initiative of The Exchange which is designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.
According to the NSE, Companies that are listed on The Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules. Financial information which is periodic disclosure and on-going material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly Market.
