Nigerian Stock Exchange is said to have suspended seventeen companies from trading their shares on the bourse.
The affected companies are: African Alliance Insurance Plc; Equity Assurance Plc; Fortis Microfinance Bank Plc; Guinea Insurance Plc; Premier Paints Plc; Resort Savings & Loans; Sovereign Trust Insurance Plc; African Paints (Nigeria) Plc; Aso Savings & Loans Plc; Ekocorp Plc; Evans Medical Plc; Goldlink Insurance Plc; Great Nigeria Insurance Plc; Omatek Ventures Plc; Union Dicon Salt Plc; Union Homes Savings & Loans Plc and Universal Insurance Company Plc.
In a statement signed by Godstime Iwenekhai, acting head, listings regulation department, NSE said the action was taken because the affected companies failed to submit some relevant documents.
He said the suspension would be lifted when the documents are submitted.
“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), which states that; ‘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,” read the statement.
“Suspend trading in the issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
“Trading in the shares of the following seventeen (17) companies have been suspended today, July 5, 2017.
“In accordance with the rules set forth above, the suspension of the afore-listed companies will only be lifted upon the submission of the relevant accounts, provided the exchange is satisfied that the accounts comply with all applicable rules.”