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NSE discloses why suspension of LASACO Assurance was lifted

@nsenigeria has announced that it has lifted the suspension placed on @LASACOAssurance. The capital market regulator had suspended eleven listed companies in the first week of this month, July 2019.

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The Nigerian Stock Exchange (NSE) has announced that it has lifted the suspension placed on LASACO Assurance. The capital market regulator suspended eleven listed companies, including LASACO, for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules), in the first week of this month, July 2019.

According to the NSE, LASACO Assurance has now filed its Audited Financial Statement for the year ended 31 December 2018 to the Exchange. This was revealed by Godstime Iwenekhai, Head, Listings Regulation Department of the Commission.

[READ ALSO: NSE has placed these 34 companies on red alert]

The rule stated that, by the expiration of the Cure Period, if an Issuer fails to file the relevant accounts, the Exchange will:

  • send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
  • suspend trading in the Issuer’s securities; and
  • notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.
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NSE proceeded to inform the dealing members and the general public of the suspension of the following companies:

  • FTN Cocoa Processors Plc;
  • Goldlink Insurance Plc;
  • Guinea Insurance Plc;
  • Lasaco Assurance Plc;
  • Niger Insurance Plc;
  • R.T. Briscoe (Nigeria) Plc;
  • Resort Savings & Loans Plc;
  • Royal Exchange Plc;
  • Standard Alliance Insurance Plc; and
  • Universal Insurance Plc.

However, both Conoil and LASACO Assurance have now been excluded from the list, following the submission of the relevant accounts demanded by the NSE. The Exchange disclosed that it had lifted the suspension of Conoil in the same week the companies were suspended.

“The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension,” NSE’s Iwenekhai said.

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[READ ALSO: What It Means To Delist A Company]

Why this matters: Companies on suspension are prevented from trading their shares on the Exchange, and this causes stagnation in stock price. Such companies are also be fined for the late submission of the results.

What this means for LASACO: Trading on the companies shares will resume with price exiting the stagnant status. Dealing members can now invest into LASACO Assurance.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Hospitality & Travel

KLM, Air France to resume flight operations in Nigeria on December 7

KLM Royal Dutch Airlines and Air France have announced they will gradually resume flight operations to Abuja and Lagos.

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KLM Royal Dutch Airlines and Air France have announced they will gradually resume flight operations to Abuja and Lagos from December 7.

According to a report by Punch, the airlines in a statement on Monday disclosed that international passengers can now fly Air France and KLM from Nigeria (Abuja and Lagos) to Paris and Amsterdam, with the possibility of further transfers to other European and North Atlantic destinations.

In a piece of travel advice, the airline asked customers to ensure they are well prepared for their trip and check the entry and travel requirements for their destination and transit countries in line with travel restrictions and governmental authorizations before making any travel plans. This is as the entry requirements may change with short notice.

General Manager Air France KLM Nigeria and Ghana, Michel Colleau, was quoted to have said, “Flights to and from Lagos and Abuja will be operated in strict compliance with the Nigerian Civil Aviation Authority and international health protocols, adhering to the highest standards of health and hygiene.”

It can be recalled that in September 2020, the Federal Government barred Air France and KLM airlines and some other foreign airlines from flight operations into the country.

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The Aviation Minister, Hadi Sirika, said that Air France and KLM were not granted approval for flight operations because tourist visa holders were not allowed entry into their countries.

Nairametrics had reported about a week ago that the Federal Government had given a go-ahead to Lufthansa, Air France/KLM and Qatar Airways to resume flight operations into the country.

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Economy & Politics

CBN retains MPR at 11.5%, holds other parameters constant

The Central Bank of Nigeria (CBN), voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5%.

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The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5%.

READ: Central Bank says monetary policy not to blame for rising food cost

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday. Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

READ: Polaris Bank: Back from the dead

The committee highlighted that inflation continues to be influenced by structural policies, increase in petrol price and latest #EndSARS protest.

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READ: Our view on CBN’s revision of SDF guidelines by CSL Capitals

Highlights of the Committee’s decision

  • MPR was kept at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%
  • While Liquid Ratio was also kept at 30%

READ: CBN reviews minimum interest rates on savings deposit to 1.25%

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More details shortly…

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Energy

Port Harcourt Refinery to get a facelift in Q1 2021 – NNPC

NNPC is set to commence the second phase of the rehabilitation of the Port-Harcourt Refinery in the first quarter of 2021.

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NNPC reports explosion at OML 40 facility

The Nigerian National Petroleum Corporation (NNPC) is set to commence the second phase of the rehabilitation of the Port-Harcourt Refinery in the first quarter of 2021.

According to the African Business Intelligence Report, NNPC is working hard and round the clock towards ensuring that four refineries are up and running by 2023.

The Group MD of NNPC, Mallam Mele Kyari made this disclosure and said, “The vision of revamping the pipelines is in tandem with the Refineries Rehabilitation Project, which we have promised to deliver by 2023. I am happy to announce that the funding challenge which had stalled the second phase of the rehabilitation of the Port Harcourt Refinery has been resolved. The contract for the second phase will soon be awarded and work will commence in Q1 of 2021.”

According to Mallam Kyari, a lot has been put in place to boost exploration and production with a view of achieving 3m barrels per day production target.

(READ MORE: FG discloses when Nigeria will start exporting petroleum products)

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What you should know

Nairametrics had reported that the first phase rehabilitation was to take place 2 years ago and to be executed by Milan-based Maire Tecnimont S.p.A, in collaboration with its Nigerian affiliate, Tecnimont Nigeria.

It was expected that after the phase-1 of rehabilitation, the Refinery complex should be able to reach its 60% capacity utilization.
Further rehabilitation of the PHC refinery is expected to enhance its production capacity to meet its production targets

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Putting the refineries in good shape to produce optimally would stem down the huge imports of the refined petroleum products, considering that about 90% of the refined petroleum products consumed in Nigeria are imported.

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