In accordance with the rules of the Nigerian Stock Exchange on filing of listed companies financials 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 (2) business days after the end of the Cure Period; (b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”, 17 companies have been suspended from trading on the Exchange.
These companies are:
1. African Alliance Insurance Plc
2. Equity Assurance Plc
3. Fortis Microfinance Bank Plc
4. Guinea Insurance Plc
5. Premier Paints Plc
6. Resort Savings & Loans
7. Sovereign Trust Insurance Plc
8. African Paints (Nigeria) Plc
9. Aso Savings & Loans Plc
10. Ekocorp Plc
11. Evans Medical Plc
12. Goldlink Insurance Plc
13. Great Nigeria Insurance Plc
14. Omatek Ventures Plc
15. Union Dicon Salt Plc
16. Union Homes Savings & Loans Plc
17. Universal Insurance Company Plc
The Exchange has noted that the suspension will be lifted as soon as these companies release their financials. This we opine is a good move as these companies are notorious for not releasing their financials hence, keeping shareholders in the dark as to the operations of the companies.
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