NGX suspends 8 companies for failure to file reports

NGX suspends 8 companies for failure to file reports

The Nigerian Exchange (NGX) has suspended eight companies for failing to comply with legal requirements to file audited financial statements.

The suspended companies, whose shares have not been traded since July 8, include C & I Leasing, Guinea Insurance, Lasaco Assurance Plc, Mutual Benefits Assurance and NPF Microfinance Bank Plc.

Others include Regency Alliance Insurance, Secure Electronic Technology and Unity Bank Plc.

According to NGX, trading in the shares of the eight companies on the Nigerian Exchange Limited was suspended effective today, Monday, July 8, 2024, due to their failure to file their audited financial statements for the financial year ending December 31, 2023.

According to the standard filing rules, the suspension of trading in the shares of the above companies will be lifted upon filing of the relevant accounts.

The Standard Filing Rules state that if an Issuer fails to file the relevant accounts by the expiration of the cure period, the Exchange will send the Issuer a second notice of filing deficiencies within two (2) business days.

The rule empowers the regulator to suspend trading in the issuer’s securities and notify the Securities and Exchange Commission and the market within 24 hours of the suspension. AFC appoints Banji Fehintola as Executive Director, Financial Services