The need to maintain transparency in the Nigerian Capital Market cannot be over-emphasized as prescribed in Appendix 111 of the Listing Rules, mandating every listed company to provide the Exchange with timely information to enable it efficiently perform its function of maintaining an orderly market, just as quoted companies on the Exchange are required to file their quarterly accounts within 45 days after the end of the quarter.

Also, listed companies are required to maintain a minimum free float for the set standards under which they are listed in order to ensure that there is an orderly and liquid market in their securities.

In this regard, the X-Compliance report was designed as one of the transparency initiatives to maintain market integrity and protect the investors by providing compliance related information on all listed companies.

In the report, NSE has been able to tag companies appropriately to show the listed companies/equities that are Below Listings Standard, Awaiting Bank/Insurance Regulatory Approval, under Capital Reconstruction Exercise and companies in delisting Process.

The Listing Regulation Department of Nigerian Stock Exchange presents below the Regulatory compliance status of listed equities as regards to listing rules and regulations.

The subsequent headlines set to put the status in proper perspective. 

EARLY FILERS

The Exchange is extremely proud of these companies and will continue to show case quoted companies that imbibe high corporate governance practices. 

BREACH OF VOLUNTARY DELISTING PROCESS

Cappa & D’Alberto Nigeria Plc released itself from compliance with the obligations inherent of a listed company as it failed to follow through the entire voluntary delisting process of The Exchange, which includes inter alia, paying off dissenting shareholders who opted to exit the company following the resolution passed by the majority shareholders on March 24, 2009, to delist. The resolution passed by the majority shareholders at the Extra- Ordinary General Meeting of March 24, 2009, does not exempt Cappa & D’Alberto Nigeria Plc from complying with regulatory obligations.

The Exchange will take appropriate legal steps to enforce its Rules and protect the interest of Investors. 

TRANSPARENCY DISCLOSURES: APPLICATIONS APPROVED 

The Quotations Committee of Management considered and approved the following Applications but the instruments are yet to be listed on the Daily Official List. 

 APPLICATIONS APPROVED BY QCM ON MARCH 25, 2013

Companies with Free Float Deficiencies:

• Tourist Company of Nigeria Plc
• NPF Microfinance Bank Plc
• Dangote Cement Plc
• Studio Press Plc
• Union Bank of Nigeria Plc

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Source: Proshare