The Nigerian Stock Exchange (NSE), has lifted African Alliance Insurance’s suspension to trade its shares. The underwriting firm was suspended, following its failure to adhere to listing rules.
African Alliance Insurance was among the eight companies suspended from trading their shares at the NSE on July 5, 2018, for failing to comply with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the NSE, which required them to file their financial statements within a speculated timeframe.
According to a statement issued by the management of the NSE, the lifting of the embargo became effect from Tuesday, January 8, 2019.
“In view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, dealing members are hereby notified that the suspension placed in the trading of the company’s shares was lifted on January 8, 2019,” the notice said.