The Nigerian Exchange Group has notified the investing public of the suspension of four (4) listed companies from the facilities of the Nigerian Exchange Group Limited effective on Friday, 2 July 2021 having failed to file their Audited Financial Statements for the year ended 31 December 2020.
The companies are as follows:
- African Alliance Insurance Plc
- Niger Insurance Plc
- Royal Exchange Plc
- The Tourist Company of Nigeria Plc
The Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), Rule 3.1 states that if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange reserves the right to suspend trading in the Issue’s securities and notify the SEC and investing public within twenty-four (24) hours of the suspension.
Hence, the suspension of trading in the shares of the above-mentioned companies will/can only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange.
What you should know
- African Alliance Insurance Plc last traded at N0.20 and has a market capitalization of N20.59 billion.
- Niger Insurance Plc is currently valued at N0.20 and has a market capitalization of N7.74 billion. Recall that, the company recently issued a disclosure to address the notice of expulsion by the Nigeria Insurers Association (NIA) for failing to honour claims of policyholders.
- Royal Exchange Plc closed at N0.55 with a market cap of N5.15 billion.
- The Tourist Company of Nig Plc last closed at N2.84 with a market capitalization of N2.25 billion.
The capital market is really week in recent years.Ngz and sec should come up with robust economic policies to entice the investing public.Regulation is good for the market to be pro active.