Nigeria Exchange Group (NGX) has suspended trading in the shares of eight companies.
The companies were suspended by the regulatory arm of NGX as a result for default in filling their relevant account for 2023.
As per post-listing requirements, companies on the Exchange are mandated to submit their accounts and other documents within specified time frame.
The companies been affected by the suspension include, Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance, and Secure Electronic Technology Plc.
The Head of the Issuer Regulation Department, Godstime Iwenekhai, stated this on Monday, July 8 in the market bulletin
Iwenekhai also explained in the bulletin that the suspension was effective immediately.
Iwenekhai said, “Trading in the shares of the eight companies below have been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, 8 July 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”
“NGX RegCo said that it acted by Rule 3.1 about the Filing of Accounts and Treatment of Default Filing, (Default Filling Rules), which said, “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 business days after the end of the Cure Period.”
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