Trading in Niger Insurance, Rak Unity, Chellarams, 2 others shares suspended

The NGX Regulation Limited has suspended trading in shares of Niger Insurance Plc, Chellarams Plc, Rak Unity Petroleum Company Plc, The Tourist Company of Nigeria Plc and Thomas Wyatt Nigeria Plc.

These companies were suspended pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Exchange (Issuers’ Rules).

The Rule 3.1 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.”

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Chellarams Plc with March as year-end was suspended on September 30, 2021 for failure to file the relevant accounts by the expiration of the Cure Period.

Rak Unity Petroleum Company Plc with December as year-end was suspended on July 26, 2021 sequel to the ongoing winding up of the company as approved by its shareholders.

Niger Insurance Plc with December as year-end was suspended on July 2021 for failure to file the relevant accounts by the expiration of the Cure Period.

The Tourist Company of Nigeria Plc with December as year-end was suspended on July 2021 for failure to file the relevant accounts by the expiration of the Cure Period, while Thomas Wyatt Nigeria Plc with March as year-end was suspended on January 2021 for failure to file the relevant accounts by the expiration of the Cure Period.

Companies that are listed on the Nigerian Exchange Limited (NGX) are required to adhere to high disclosure standards which are prescribed in the Rulebook of the Exchange, 2015 (Issuers’ Rules), and other Rules of the Exchange, from time to time.

Financial information, which is periodic disclosure, as well as on-going material information disclosure are meant to be released to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.