Three listed companies – Sterling Financial Holdings Company Plc, Mutual Benefits Insurance Plc and Austin Laz & Company Plc – have been cautioned by the Nigerian Exchange Limited (NGX) for engaging in insider dealing activities.

Every listed company is required to provide NGX with timely information to enable it efficiently to perform its function of maintaining an orderly market.

In addition, companies are also required to disclose material information to NGX and publish the information in their Annual Reports.

NGX said these companies breached certain provisions of the Listings Rules and “were sanctioned accordingly”.

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In a caution letter on January 23 to Sterling Financial Holdings Company Plc, the NGX said the company engaged in “insider dealing in shares during closed period a breach of the provisions of Rule 17:18: Period of Closure”.

Also, in a caution letter on January 16 to Austin Laz & Company Plc, the NGX said Austin Laz also engaged in insider dealing “in shares during Closed Period a breach of the provisions of Rule 17:18: Period of Closure”.

Likewise, NGX in a caution letter on January 15 to Mutual Benefits Insurance Plc said it engaged in “insider dealing in shares during closed period a breach of the provisions of Rule 17:18: Period of Closure”.

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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