The Nigerian Stock Exchange (NSE) Wednesday, announced that it has lifted the trading suspension it had earlier placed on the shares of Guinea Insurance Plc and Niger Insurance Plc.
The NSE in a statement said the shares which are now okay for trading, were suspended because the companies failed to submit their financials as at when due.
The statement signed by Godstime Iwenekhai, NSE’s head of listings regulation department, indicates that the suspension of the insurance firms’ securities is now being lifted based on the submission of the relevant accounts.
The statement read, “In view of the Companies’ submission of their Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: ‘The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension’,
“Dealing Members are hereby notified that the suspension placed on trading on the shares of Guinea Insurance Plc and Niger Insurance Plc was lifted today, Wednesday, 25 September 2019,” Iwenekhai added
The exchange had earlier notified dealing members of the suspension of eleven listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, 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 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 24 hours of the suspension.” Guinea Insurance Plc and Niger Insurance Plc, 2 of the 11 companies that were suspended on 2 July 2019, have now filed their Audited Financial Statements for the year ended 31 December 2018 with The Exchange.