July 2, 2019/NSE

The Nigerian Stock Exchange (NSE) has announced the suspension of trading of shares in eleven companies as a result of their failure to comply with filing rules for their audited and periodic results, seven of the eleven companies were from the Insurance sector. According to the Exchange’s release:

Dealing Members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will:

(a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;

(b) Suspend trading in the Issuer’s securities; and

(c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”, the shares of the eleven (11) under listed companies have been suspended from trading via the facilities of The Exchange, effective today, Tuesday, 2 July 2019:

1. Conoil Plc
2. FTN Cocoa Processors Plc
3. Goldlink Insurance Plc
4. Guinea Insurance Plc
5. Lasaco Assurance Plc
6. Niger Insurance Plc
7. R.T. Briscoe (Nigeria) Plc
8. Resort Savings & Loans Plc
9. Royal Exchange Plc
10. Standard Alliance Insurance Plc
11. Universal Insurance Plc

In accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

Table: Suspended Companies And Their Default Filings

Source: NSE