The Nigerian Exchange Limited (NGX) has suspended nine companies from its facilities, effective today, (Friday, 1 July 2022), having failed to file their Audited Financial Statements for the year ended 31 December 2021.
The companies according to a statement from the NGX include African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, Ekocorp Plc, C&I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc, Premier Paints Plc and Ardova Plc.
What The Exchange is saying
The suspension statement obtained by Nairametrics noted:
- ‘’Trading License Holders and the investing public are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that: “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 (2) business days after the end of the Cure Period; b) Suspend trading in the Issuer’s securities; and c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
- ‘’Trading in the shares of the nine (9) companies has been suspended from the facilities of Nigerian Exchange Limited (NGX) effective today, Friday, 1 July 2022 having failed to file their Audited Financial Statements for the year ended 31 December 2021.
- “In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above-mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX”.
What you should know: Cure Period means ninety (90) calendar days from the relevant due date.
