NGX Suspends Eight Listed Companies over Market Infraction

Kayode Tokede 

For not submitting a full year ended December 31, 2023 result and accounts, the Nigerian Exchange Limited (NGX), yesterday disclosed that it has suspended eight listed companies.

The eight companies are: Guinea Insurance Plc, Lasaco Assurance Plc, Mutual Benefits Assurance Plc, NPF Microfinance Bank Plc, Regency Alliance Insurance Plc, Secure Electronic Technology Plc, Unity Bank Plc and C & I Leasing Plc.

The Head, Issuer Regulation Department, NGX Limited, Mr. Godstime Iwenekhai in a signed statement notified investing public that the suspension is based on the pursuant to Rule 3.1, Rules for filing of accounts and treatment of default filing.

The rule provides that: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will send to the Issuer a “Second Filing Deficiency Notification” within two  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.”

The noted that the suspension was effective Monday, 8 July 2024 on the eight for not filing their Audited Financial Statements for the year ended December 31, 2023:

“In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above mentioned companies shall be lifted upon the submission of the relevant accounts,” the statement added. 

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