Insurance Coys top list as NSE suspends trading in eleven issuer’s securities

The Nigerian Stock Exchange (NSE) on Tuesday July 2 suspended trading in the securities of eleven (11) companies out of which seven (7) are insurance companies.

The NSE in a notice to dealing members on Tuesday signed by Godstime Iwenekhai, Head, Listings Regulation Department, the companies defaulted in filing their accounts.

The suspension of trading in the eleven (11) listed companies’ securities became effective on Tuesday, 2 July 2019.

The seven insurance companies that made the list are Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, Royal Exchange Plc, Standard Alliance Insurance Plc, and Universal Insurance Plc.

The remaining four (4) companies that made the list of 11 are Conoil Plc, FTN Cocoa Processors Plc, R.T. Briscoe (Nigeria) Plc, and Resort Savings & Loans Plc.

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The notice at the NSE reads: “Dealing Members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (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: send to the Issuer a Second Filing Deficiency Notification within two (2) 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 twenty- four (24) hours of the suspension”.

In accordance with the NSE 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, the notice reads.

Iheanyi Nwachukwu

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Iheanyi Nwachukwu

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.