NGX Suspends 8 Companies for Failure to File Reports
The Nigerian Exchange (NGX) has suspended eight companies for failure to meet regulatory requirement requiring them to file their audited financial statements.
The suspended companies whose shares have stopped trading effectively from July 8 include C & I Leasing, Guinea Insurance, Lasaco Assurance Plc, Mutual Benefits Assurance and NPF Microfinance Bank Plc.
Others are Regency Alliance Insurance, Secure Electronic Technology and Unity Bank Plc.
According to NGX, trading in the shares of the eight companies have been suspended from the facilities of Nigerian Exchange Limited effective today, Monday, 8 July 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.
In accordance with the Default Filing Rules, the suspension of trading in the shares of the above mentioned companies shall be lifted upon the submission of the relevant accounts.
Default Filing Rules provides that If an Issuer fails to file the relevant accounts by the expiration of the cure period, the Exchange will send second filing deficiency notification within two (2) business days to issuer.
The rule authorised the regulator to suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission and the Market within twenty- four hours of the suspension. AFC Names Banji Fehintola Executive Director, Financial Services
