By Our Correspondent

Lagos (INVESTADVOCATE)-Dangote Flour Mills Plc (DANGFLOUR), a Company owned by Aliko Dangote, President of Council of the Nigerian Stock Exchange (NSE) and 156 other Companies are performing Below Listing (BLS) a recent X-Compliance Report of the Nigeria’s Exchange as released on its website has said.

According to the Nigeria’ Exchange, for Dangote Flour and the 156 other Companies to be rated as BLS on the NSE’s X-Compliance Report, the Listed Companies were identified as those that have not met the minimum listing standards in terms of timely disclosure of their Audited Annual Financial Performance and are thus operating Below the Listing Standards (BLS) of The Exchange.

A breakdown of this shows that on schedule one of the X-Compliance Report two (2) Firms Union Homes Savings & Loans Plc was rated BLS for Non Rendition of Audited Financial Statements 2010, 2011; while Goldlink Insurance Plc was rated BLS for Non Rendition of Audited Financial Statements 2011.

However, the NSE suspended the trading on the Goldlink Insurance shares with effect from November 2, 2012 following the appointment of an interim management by National Insurance Commission (NAICOM) to oversee the affairs of the Company.

While on Schedule two, 10 Companies were rated BLS for Non Rendition of Audited Financial Statements 2010, 2011 and 2012. Three were rated BLS due to Regulatory Issues.

Schedule three (3) shows 51 Companies rated BLS for non-compliance with periodic financial disclosure of their Unaudited First Quarter (Q1) Report of year 2012, while another 51 were rated as such for non-compliance with periodic financial disclosure of their Unaudited Half Year Report of year 2012.

Dangote Flour and 39 other listed Firms were rated BLS for non-compliance with periodic financial disclosure of their Unaudited Nine (9) Report of year 2012; making it a total of 157 Companies performing Below the Listing Standard (BLS) at the Nigeria’s Exchange.

As earlier reported, the Nigeria’s Exchange 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 and has vowed to protect the integrity of its Rules.

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.

Click here to download NSE’s X-Compliance Report as at 19/2012013

Click here to download NSE’s X-Compliance Report as at 19/2012013