Nigeria Stock Exchange suspends 11 companies due to reoccurring​ violations

July 3, 2019 by  
Filed under Nigeria Stock Exchange

The NSE requires all listed companies to report their earnings on time and follow regulations in other to protect investors money. These companies violated the exchange policies, as a result, their shares have been suspended from trading.

The list of eleven which included seven insurance companies and four others appear to have been found wanting in certain respects and The Exchange moved to wield the big stick.

The companies are Conoil Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, Goldlink Insurance Plc, FTN Cocoa Processors Plc, Universal Insurance Plc, R.T. Briscoe (Nigeria) Plc, Royal Exchange Plc, and Resort Savings & Loans Plc.

According to Mr Godstime Iwenekhai, NSE Head, Listings Regulation Department, “

“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 business days after the end of the Cure Period.

“The exchange will after the Cure suspend trading in the Issuer’s securities, and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.

“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”.

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