The Nigerian Exchange Limited (NGX) has notified the investing public of the suspension of trading in the shares of seven companies.
This was contained in a press release made available to Nairametrics.
The NGX stated that it suspended the seven companies from the facilities of Nigerian Exchange Limited (NGX) effective today, (Friday, 11 July 2023) having failed to file their Audited Financial Statements for the year ended 31 December 2022.
The companies, according to a statement from the NGX include Afromedia Plc, Pharmadeko Plc, Royal Exchange Plc, International Energy Insurance Plc, C&I Leasing Plc, Presco Plc, and Ardova Plc.
What the Exchange said
According to the statement signed by Godstime Iwenekhai, Head of, the Listings Regulation Department, the NGX noted:
- “Trading License Holders and the investing public are hereby notified that under 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 seven (7) companies has been suspended from the facilities of Nigerian Exchange Limited (NGX) effective today, Tuesday, 11 July 2023 having failed to file their Audited Financial Statements for the year ended 31 December 2022.
- “By 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”.
Corporate governance and regulatory compliance is essential for the investor health of a blue chip.