NSE suspends trading in shares of erring companies

The Nigerian Stock Exchange (NSE) has suspended trading in the shares of some companies over delayed filing of accounts.

This was disclosed by Mr Godstime Iwenekhai, NSE Head, Listings Regulation Department in a statement obtained by source in Lagos, South-West Nigeria.

Iwenekhai said that the affected companies were: Conoil, FTN Cocoa Processors, Goldlink Insurance, Lasaco Assurance, Niger Insurance and R.T. Briscoe.

Others are: Resort Savings & Loans, Royal Exchange, Standard Alliance Insurance and Universal Insurance.

He said that the suspension was in accordance with Rule 3, 1, Rules for Filing of Accounts and treatment of default filing, and Rulebook of The Exchange.

“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.

“The Exchange will after the Cure suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange,”  Iwenekhai stated.